Calcutta - not a term you hear everyday. I used to participate in one in Vegas every year put on by a golf club repair and sales shop (Rod's). For the sake of anyone not familiar with the term:
In a Calcutta, golfers bid, auction style, on the golfer or team who they think will win the tournament (you can bid on yourself or your own team, too) All the money raised through the "auction" goes into the pot. At the end of the tournament, those who bid "won" the team that wins the tournament wins a pre-determined payout from the auction pool. The precise rules of a Calcutta can vary from place to place; many tournament organizers employ software programs that apply odds and determine win-place-show amounts.
Perhaps the simplest and most common Calcutta payout is 70 percent of the pool to the "owner" of the winning tournament team, 30 percent to the "owner" of the second-place tournament team.
Among other variations is one that allows a golfer to buy back half of himself or his team from the winning bidder. For example, your team is "won" in the auction by bidder X; if this rule is in effect, you can pay half of bidder X's winning bid back to bidder X in order to buy back half a stake in your own team. If your team then finishes in the money, your team and bidder X split the Calcutta payout.
Wil..
Ace -- did you get my email about Hooters?
In a Calcutta, golfers bid, auction style, on the golfer or team who they think will win the tournament (you can bid on yourself or your own team, too) All the money raised through the "auction" goes into the pot. At the end of the tournament, those who bid "won" the team that wins the tournament wins a pre-determined payout from the auction pool. The precise rules of a Calcutta can vary from place to place; many tournament organizers employ software programs that apply odds and determine win-place-show amounts.
Perhaps the simplest and most common Calcutta payout is 70 percent of the pool to the "owner" of the winning tournament team, 30 percent to the "owner" of the second-place tournament team.
Among other variations is one that allows a golfer to buy back half of himself or his team from the winning bidder. For example, your team is "won" in the auction by bidder X; if this rule is in effect, you can pay half of bidder X's winning bid back to bidder X in order to buy back half a stake in your own team. If your team then finishes in the money, your team and bidder X split the Calcutta payout.
Wil..
Ace -- did you get my email about Hooters?
