Calcuttas

[Hoosiercatdaddy]

Trossi turned me onto these things and I love the idea. Does anyone know if sportsbooks in Vegas have these or are they more of a backroom game? A couple guys I work with are going out to Vegas this weekend and I would like to send some money out with them to put on a couple teams but if sportsbooks dont have these, there is really no point lol. Thanks

[mrwho]

what are they?

[nickwadden]

Calcutta (gambling)
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A Calcutta Auction is an open auction held in conjunction with a golf tournament, horse race, or similar contest with multiple entrants. It is popular in Backgammon and is currently enjoying rising popularity for NCAA Basketball pools during March Madness.

Bidding for each contestant begins in random order, with only one contestant being bid upon at any time. Accordingly, participants (originally in Calcutta, India, from where this technique was first recorded by the Colonial British) bid among themselves to "buy" each of the contestants, with each contestant being assigned to the highest bidder. The contestant will then pay out to the owner a predetermined proportion of the pool depending on how it performs in the tournament. While variations in payoff schedules exist, in an NCAA Basketball tournament (64 teams, single elimination) the payoffs could resemble the following schedule: 1 win - 0.25%, 2 wins - 2%, 3 wins - 4%, 4 wins - 8%, 5 wins - 16%, tournament winner with 6 wins - 32%.

The most interesting element of Calcutta Auctions is in determining an appropriate wager for each contestant, as the payoff will directly hinge on the size of the pot and thereby the size of the bids being placed. Thus the value of each team fluctuates during the course of the betting. For example, even if a bidder knew the Tar Heels would be the tournament winner and thus pay out 32% of the pool, she would still be unsure of the exact value of the team (unless it was the last team being bid on) as the payout would depend on the sum total of all winning bids.

This is similar to parimutuel betting, in that the winnings are awarded from the total pool of bets, but differs in that only one player can bet on any one contestant. However, a player may purchase as many contestants as they desire.

One variation that has become more popular as the Calcutta Auction is used more in conjunction with March Madness is that the teams are bid on in reverse order of their seeds instead of random order. This allows bidders to have a better idea of how the bidding will grow as the auction proceeds, and ensures that when bidding reaches the favorites to win, the participants will have a pretty good idea of what the final pot size will be.

Retrieved from "http://en.wikipedia.org/wiki/Calcutta_%28gambling%29"

[sportsfan]

These are awesome we should do this on CM somehow. I don't see how a vegas sportsbook could do this.

[Yankee23]

Played in many a golf tourney that had a calcutta.

[troyhall]

we do one but its a little different. we paid out for biggest blowout. which means the team that loses by biggest margin gets paid. also we pay the biggest upset in 1st round. this is the team with the worst seed that wins a game in the 1st round. also seeds 5-16 that makie the sweet 16 gets you paid. doing it this way make every team get bidded on. its great we usually have about 12 guys in it each year. every here the pot gets bigger. last year it was 6,300 $$$$$. uconn was bought for 615 bucks and didnt pay out a nickle.

[Hoosiercatdaddy]

Originally Posted by sportsfan

These are awesome we should do this on CM somehow. I don't see how a vegas sportsbook could do this.

they would have to do different prices and just keep filling up cards. 64 players each card, each team bought for a different price

[pittviper]

a thread from last year talking about them..
Calcutta Sleepers Anyone???
Trossi also got me into them.. I have done it with golf, and will
be doing it with March Madness in a weeks time..

[Trossi3389]

Originally Posted by Hoosiercatdaddy

Trossi turned me onto these things and I love the idea.

Cat fly your a$$ in tomorrow and i'll take to one.

[robertg]

i really thought this would be bingo related, after reading cats first line.

[Hoosiercatdaddy]

Originally Posted by robertg

i really thought this would be bingo related, after reading cats first line.

LMAO, Trossi you are taking it hard bro

[Trossi3389]

Ok won a little last year and GOT KILLED THE YEAR BEFORE... lol

i know its early but who are we liking to go far that WE KNOW will be in?? also post your projected #3 and #4 seeds.. there due this year.. also post sleepers you feel good about if they get in??

Havent brushed up on anything yet and figure i'd better start now... lol

[Hoosiercatdaddy]

easy money ahead bro