For that reason, I think this works best when run as free market.

I could see a number of different scenarios in which people go home upset. Too bad he's gonna lose to Hank who saved $86. So can Joe save his entire $100 until the last pick of the draft to ensure he goes home with Kentucky? What if Frank also has $100 left - first one to call out the bid wins? Yikes.Īnd what about Doug over there, who only spent $15 and now has $85 left to spend on the last team up for auction, Duke. We discussed a fixed buy-in and ultimately decided against it. I'm looking for any advice on running the auction, suggested formatting, tips or tricks from people who've run or participated in these events before. Regular citizens are too risk adverse when compared to the demographic of this forum! 10 have committed already, but I think we'll need at least a dozen, and even upwards of 20 would be ideal. Have invited 60+ people already, and I'm a bit concerned we won't get enough. After 8 lots have been bid upon, we'll dump the eight #1 and #2 seeds into the hat. #3 through #12 from each region and the four special group lots will initially be available. I believe ours is a bit top-heavy has a high variance, to win money on a team they'll likely have to reach the Sweet 16.ĭuring the draft, we'll draw teams randomly out of a hat. Obviously, you can tailor the prize structure as you see fit. Double-digit seed that advances the furthest = 3% syndicates permitted, as are proxy bids for those who can't appear in person cash payment due immediately, no floating or having to chase people down no cap or maximum bid, free market dictates winning bids opening bid = $1, minimum of $1 increments thereafter #13, #14, #15 and #16 seeds grouped in each region, so 52 lots in total Draft on the Wednesday evening before the tournament starts However, feel free to discuss calcuttas in other sports.Ī close friend of mine and I finally decided to host a calcutta auction for this year's March Madness tournament.

Since it's only a week away, I'll focus most of this post on March Madness. The contestant will then pay out to the owner a predetermined proportion of the pool depending on how it performs in the tournament. Accordingly, participants bid among themselves to 'buy' each of the contestants, with each contestant being assigned to the highest bidder. It is popular in backgammon, the Melbourne Cup, and college basketball pools during March Madnessīidding for each contestant begins in random order, with only one contestant being bid upon at any time. A Calcutta auction is an open auction held in conjunction with a golf tournament, horse race or similar contest with multiple entrants.

Calcutta auction software