NCAA Tourney Calcutta

[kramerbr]

Does anyone know the proper format to running a calcutta for the NCAA basketball tourney?

[Truth]

Does anyone know the proper format to running a calcutta for the NCAA basketball tourney?

Does anyone know what running a calcutta means??

[DevilCastDownfromDurham]

I had no idea what a "Calcutta" is, but a quick Google turned up this Wikipedia page:

"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%."

http://en.wikipedia.org/wiki/Calcutta_(gambling)

[Lavabe]

Does anyone know what running a calcutta means??

When in doubt, when consulting the wiki, there's a reference to the tacky blue heathens from down the road in Chappaheeya.

Cheers,
Lavabe

[Indoor66]

I had no idea what a "Calcutta" is, but a quick Google turned up this Wikipedia page:

"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%."

http://en.wikipedia.org/wiki/Calcutta_(gambling)

Typically it is a auction with the 1st pick auction 1st, 2nd pick auctioned 2nd, etc. If you are the high bidder in the "1st" auction you have the pick of the entire field, or in the example above, 64 teams, if you win the 2nd auction, you have the pick of the 63 remaining. So forth until a single pick of the remaining field does not bring bidders, then you would auction 2 or 4 or 6 or whatever number of picks the auctioneer decides to bundle.

[Jarhead]

Except for the fact that it would be illegal, why is this on the OT forum?