Calcutta betting - can anyone explain it for me?

[RhondaS]

A Calcutta, or "auction pool" is an event held in conjunction with a golf tournament, horse race, or similar contest with multiple entrants. Participants in the Calcutta bid among themselves to "buy" each of the contestants, each contestant being assigned to the highest bidder. The bids are pooled, and after the contest the pool is divided among those players who won the winning contestants at auction, divided according to proportions agreed upon in advance (often in the same proportions as the prize money awarded in the event itself).

This is similar to pari-mutuel 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.



We have a race coming up where parents are going to be racing their kids jr. dragsters and we thought it'd be fun to add a little good hearted wagering to the event.

How could we apply calcutta style to this?

We need set dollar amounts to keep it as simple as possible. I'm thinking you could "buy" yourself for $10, then anyone could bet on you for $5, you cannot bet on anyone who was not already "bought".

Say there were 10 entrants bought. = $100
4 people bet on the winner. = $20
20 people bet on the losers. = $100

Winner gets $??? of the wagers?
Those who bet on the winner get $???

Am I on the right track and how much would the winners receive?

 

[Dan Murphy]

Don't know, Rhonda, but can give a buddy a bump.