Playoff Draft

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I got invited to a "playoff draft" tomorrow night. I had never heard of such a thing. As I understand it, each NFL playoff team gets bid on to win the Super Bowl:

So for example I could bid on the Patriots $1 to win it all, the next guy could out bid me and say Patriots for $2 etc....so let's say the I have the Pats winning bid at $6...I pay $6 and if they win it all I collect the entire pot from all the bids on all the teams. Make sense?

Seems pretty simple and straight forward, but is there any strategy I am not realizing here? Anyone ever done anything like this?
 

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Yea that’s the way it works posters here have run them before
 

EV Whore
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Normally I think chalk is the way to go in these things, but I think this year I'd rather be holding a few long shots.
 

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so what did the teams go for

who did you get
Well let me first tell you it was an absolute blast. I do not normally worry about having fun when it is gambling related but it really was fun. There were only 7 people and only one of them is a gambler, the rest were people I had never met before and they are not really big gamblers so the money was not very significant, though I can see the stakes rising next year. Anyways, the pool came to $305, I got the Bears for $17 and Texans for $15. The Chiefs sold for the highest price at $50. We randomly pulled teams out of a hat and Bears was first. I got them at $17 as mentioned but it was interesting because I had no clue what the market would be.
 

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reminds me of Survivor pools, cause I am out after 1 weekend! Never actually thought Texans or Bears would win SB, but thought I had value on them. I was wrong and next year will go in with different strategy.
 

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My country club does this every year with march madness. Very fun


Gets into the high 4 figures for the #1 seeds
 

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they did not do this last season, hoping they do it this season...for more money of course.
 

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Handicapper
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I got the saints
 

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Handicapper
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Sure it can be done here .
 

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