Digit height is the only number that matters here, and each step roughly doubles the money:

Digit height Readable to Typical use
8in / 20cm about 320 feet Test and tune, small strips, tower-side displays
15in / 38cm about 660 feet Weekly programs with a grandstand
24in / 61cm about 1,000 feet Sanctioned events, deep grandstands, permanent installs

Measure from where the board will stand to the back row of the seating, not the front. A board that the front row can read and the back row cannot will generate more complaints than no board at all.

One more consideration: a single-line board toggles between values, a dual-line board shows two at once. On a bracket program where the crowd wants ET and dial-in together, dual line saves the toggle.