ccshrimper said:
I like the idea but I also think an online calcutta would be cool too. Think if the tournament directors had an online calcutta before the real one at tournaments. Someone like Jay could run it here and take the normal 10% off the top and I think it'd be really cool.
That is rather complicated and finding a proper time would be a problem. I have tried before to run a parimutual but no one wanted to wager.
Parimutuals run like this...
All bettors PM the director and send via PayPal or whatever any amount they choose and they pick their player. You may pick any player you want, this works best with ring games where there are limited options.
The payout is relative to the total amount wagered against the total amount wagered on the winner. Example $1,000 total bet with $100 bet on the winner means the winners get 9 for 1 on their bet.
Each winner's payout is determined by the percent of the amount bet on the winner. Example Bettor A has $50 on winner, Bettor B has $40 on winner, and Bettor C has $10 on winner. Each of these bettors gets paid on the amount they bet, meaning that they all picked the winner, but Bettor A will recieve half the pot as he bet as much as the other two combined.
This type of betting allows more people to wager than just one bet per player.
Edited post:
To ensure fairness, after all bets are collected the bettors names and totals would be either posted or emailed to all involved so they can confirm that no money was scammed. After the event the winner is paid in "for" odds or less director's fee.