Can someone please explain to me what a calcutta is and how it works.
Thank you,
Dwight
Thank you,
Dwight
Moron question of the day...
- Thread starter BigDogatLarge
- Start date
I am surprised that people don't realize that you can look up almost anything on the internet.
Read this link and insert "pool and pool players" in place of the other sports listed.
Calcutta auction
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Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (December 2007)
This article may not meet the general notability guideline or one of the following specific guidelines for inclusion on Wikipedia: Biographies, Books, Companies, Fiction, Music, Neologisms, Numbers, Web content, or several proposals for new guidelines. If you are familiar with the subject matter, please expand or rewrite the article to establish its notability. The best way to address this concern is to reference published, third-party sources about the subject. If notability cannot be established, the article is more likely to be considered for redirection, merge or ultimately deletion, per Wikipedia:Guide to deletion.
This article has been tagged since October 2007.
A Calcutta auction is an open auction held in conjunction with a golf tournament,[1] horse race or similar contest with multiple entrants. It is popular in backgammon and 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%.
An 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) since the payout depends on the sum total of all winning bids, i.e. the final size of the pool.
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 grown as the Calcutta Auction is used more in conjunction with March Madness involves bidding on teams in the reverse order of their seeds instead of random order. As bidding evolves, this aids bidders in estimating the final pot size since the heavily favored teams that command the highest bids are auctioned at the end, thereby limiting the risk on the larger bets.
BTW..............FIRST
Read this link and insert "pool and pool players" in place of the other sports listed.
Calcutta auction
From Wikipedia, the free encyclopedia
(Redirected from Calcutta (gambling))
Jump to: navigation, search
This article needs additional citations for verification.
Please help improve this article by adding reliable references. Unsourced material may be challenged and removed. (December 2007)
This article may not meet the general notability guideline or one of the following specific guidelines for inclusion on Wikipedia: Biographies, Books, Companies, Fiction, Music, Neologisms, Numbers, Web content, or several proposals for new guidelines. If you are familiar with the subject matter, please expand or rewrite the article to establish its notability. The best way to address this concern is to reference published, third-party sources about the subject. If notability cannot be established, the article is more likely to be considered for redirection, merge or ultimately deletion, per Wikipedia:Guide to deletion.
This article has been tagged since October 2007.
A Calcutta auction is an open auction held in conjunction with a golf tournament,[1] horse race or similar contest with multiple entrants. It is popular in backgammon and 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%.
An 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) since the payout depends on the sum total of all winning bids, i.e. the final size of the pool.
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 grown as the Calcutta Auction is used more in conjunction with March Madness involves bidding on teams in the reverse order of their seeds instead of random order. As bidding evolves, this aids bidders in estimating the final pot size since the heavily favored teams that command the highest bids are auctioned at the end, thereby limiting the risk on the larger bets.
BTW..............FIRST
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A calcutta is an auctiun where i usually make my second donation to the tournament.
BRKNRUN said:
Nice First... lol
I asked here because I wanted to know the answer and I knew I would get some stories from the guys along with the info. I just love the stories. lol Thank you for putting your post up and now I know what it is, but it is still confusing me. lol well, I don't bet much anyway, so I guess it is just as well.
Dwight
BVal said:Thanks Ken.
Don't worry Dwight that is not the most moronic question of the day. You should read some of the PM's I got today.
BVal
Thanks Brady,
I wasn't sure what it was all about and I kept hearing about it. Calcutta I mean.
I think you should edit out the names and let us read some of them, we can all use some laughs after the past week of drama. IMO
Thanks again,
Dwight
Calcuttas
Before doing a calcutta for a local tournament, check to see if it is legal in your state. In Arizona I beleive they are illegal.
Before doing a calcutta for a local tournament, check to see if it is legal in your state. In Arizona I beleive they are illegal.
Wikipedia has some good descriptions but for me, the one quoted here was not one of them. I know what a calcutta is and that description made no sense to me. So, here's a short explanation that does I hope describes it a little better:
Calcutta for a pool match.
Bidding on players before a tournament starts based on how likely the bidder thinks it is for a player to win the tournament. At the end of the tournament, the money in the pot from all the bids is paid out to the bidders who won the winning players in predetermined percentages based on how the players finished. This is separate from whatever money is paid out at the tournament payouts.
Here's an example scenario...
Once all the players are entered and the entries are closed, the TD should announce that it's time for the calcutta. He should also announce how many picks there will be and how many places the calcutta will pay. For our purposes here, let's say that there are 32 players in the tournament and that there will be two picks and the calcutta will pay 3 places. First place will pay 50%, second place will pay 35%, and third place will pay 15%.
The TD should announce all the players names, so the potential bidders will know who's up for bid.
The bidders decide who they think will place high in the tournament. If the calcutta is paying 3 places, then any player who finishes in the top 3 places will be worth money as far as the calcutta is concerned.
Now, the TD should open the bidding. Bidding will begin with the first pick. Whoever wins the bidding for the first pick has the right to choose any player from the entrants and take him or her as his pick to win. When that player is chosen, the TD next opens bidding for the second pick. The winner of that bidding again gets to choose from all the remaining players, and the player chosen is assigned to that winning bidder.
After the picks are chosen, the TD then starts down the list of the remaining players, announcing who is up for bid and taking bids until someone win each of the players.
To make this easy, let's say the high bid for the first pick is $100 and the high bid for second pick is $75. That leaves 30 players remaining. Now say that 26 of the remaining players get bid on and that the all go for $10 each. The other 4
players got no bids, so they get put into "the pool" (called different names in different parts of the country). The pool is auctioned last, as one group. Whoever buys the pool wins if any of the players in the pool wins money.
Let's say the pool goes for $15.
Just a quick aside here for a few rules...
Usually anyone present may bid in a calcutta, although I have seen it conducted where only the players were allowed to bid.
A player may bid on himself or herself. It's very common for the player up for bid to bid on himself. If the player thinks he has a good chance to win, he would like to get all the money himself.
If a player buys himself, he gets all the money that's paid based on how he finished. If someone else buys the player, then the player most always has the right to buy half of himself by paying to the winning bidder half the amount of the bid. I have seen some tournaments where a player is allowed to buy back 2/3 of himself for 2/3 of what the bidder paid into the pot. If a player is going to "buy half of himself", he should make arrangements to do so with the bidder who won him before he plays his first match.
A player who gets no bids and goes into the pool is usually not allowed to buy the pool.
Now, we have $450 in the calcutta pot. $100 for first pick + $75 for second pick + $260 for 26 players at $10 each and $15 for the pool.
When the tournament is over, the bidder who won the calcutta bidding for the player who wins first in the tournament gets 50% of the calcutta pot. If it's the player who won the bidding and bought himself, then he gets all the money. If someone else bought him, then the money is paid to that person. The player and the bidder settle up according to their agreement.
and so on for 2nd and 3rd places.
Calcutta payouts for our example
1st $225
2nd $157.50
3rd $ 67.50
So, if the player who won the tournament also won himself in the bidding for $10, he had a great night. He won the tournament payout for first and the calcutta payout for first for a very small investment. If someone else bought him and he bought half for $5, then he's still got a good payout. If the first pick won the tournament, then for the $100 invested, the payback was $225. If that was split, then the payout was slight, but it was still a profit. If the first pick got third place or lower, then it was a losing proposition.
Once you see a calcutta in action, it will become clearer.
Calcutta for a pool match.
Bidding on players before a tournament starts based on how likely the bidder thinks it is for a player to win the tournament. At the end of the tournament, the money in the pot from all the bids is paid out to the bidders who won the winning players in predetermined percentages based on how the players finished. This is separate from whatever money is paid out at the tournament payouts.
Here's an example scenario...
Once all the players are entered and the entries are closed, the TD should announce that it's time for the calcutta. He should also announce how many picks there will be and how many places the calcutta will pay. For our purposes here, let's say that there are 32 players in the tournament and that there will be two picks and the calcutta will pay 3 places. First place will pay 50%, second place will pay 35%, and third place will pay 15%.
The TD should announce all the players names, so the potential bidders will know who's up for bid.
The bidders decide who they think will place high in the tournament. If the calcutta is paying 3 places, then any player who finishes in the top 3 places will be worth money as far as the calcutta is concerned.
Now, the TD should open the bidding. Bidding will begin with the first pick. Whoever wins the bidding for the first pick has the right to choose any player from the entrants and take him or her as his pick to win. When that player is chosen, the TD next opens bidding for the second pick. The winner of that bidding again gets to choose from all the remaining players, and the player chosen is assigned to that winning bidder.
After the picks are chosen, the TD then starts down the list of the remaining players, announcing who is up for bid and taking bids until someone win each of the players.
To make this easy, let's say the high bid for the first pick is $100 and the high bid for second pick is $75. That leaves 30 players remaining. Now say that 26 of the remaining players get bid on and that the all go for $10 each. The other 4
players got no bids, so they get put into "the pool" (called different names in different parts of the country). The pool is auctioned last, as one group. Whoever buys the pool wins if any of the players in the pool wins money.
Let's say the pool goes for $15.
Just a quick aside here for a few rules...
Usually anyone present may bid in a calcutta, although I have seen it conducted where only the players were allowed to bid.
A player may bid on himself or herself. It's very common for the player up for bid to bid on himself. If the player thinks he has a good chance to win, he would like to get all the money himself.
If a player buys himself, he gets all the money that's paid based on how he finished. If someone else buys the player, then the player most always has the right to buy half of himself by paying to the winning bidder half the amount of the bid. I have seen some tournaments where a player is allowed to buy back 2/3 of himself for 2/3 of what the bidder paid into the pot. If a player is going to "buy half of himself", he should make arrangements to do so with the bidder who won him before he plays his first match.
A player who gets no bids and goes into the pool is usually not allowed to buy the pool.
Now, we have $450 in the calcutta pot. $100 for first pick + $75 for second pick + $260 for 26 players at $10 each and $15 for the pool.
When the tournament is over, the bidder who won the calcutta bidding for the player who wins first in the tournament gets 50% of the calcutta pot. If it's the player who won the bidding and bought himself, then he gets all the money. If someone else bought him, then the money is paid to that person. The player and the bidder settle up according to their agreement.
and so on for 2nd and 3rd places.
Calcutta payouts for our example
1st $225
2nd $157.50
3rd $ 67.50
So, if the player who won the tournament also won himself in the bidding for $10, he had a great night. He won the tournament payout for first and the calcutta payout for first for a very small investment. If someone else bought him and he bought half for $5, then he's still got a good payout. If the first pick won the tournament, then for the $100 invested, the payback was $225. If that was split, then the payout was slight, but it was still a profit. If the first pick got third place or lower, then it was a losing proposition.
Once you see a calcutta in action, it will become clearer.
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In Calcutta"s I have seen the player pays a certain am't of $ to enter the tournament an then a certain am't of $ to be in the Calcutta.
There is then an auction for each of the players in the calcutta in which any one can bid $ on that player. Then when all players who entered the Calcutta are auctioned off one at a time the total amt of money collected is called The Calcutta money which is seperate from the tournament money.
The buyer of the winner gets a certain % of the Calcutta money and the winner gets the tournament money plus his % of the Calcutta money.
An example is It could be 75% to buyer and 25% winner.
Also like previously stated there could be 1st / 2nd / and 3rd place money.
There is then an auction for each of the players in the calcutta in which any one can bid $ on that player. Then when all players who entered the Calcutta are auctioned off one at a time the total amt of money collected is called The Calcutta money which is seperate from the tournament money.
The buyer of the winner gets a certain % of the Calcutta money and the winner gets the tournament money plus his % of the Calcutta money.
An example is It could be 75% to buyer and 25% winner.
Also like previously stated there could be 1st / 2nd / and 3rd place money.