Calcutta Auctions
The Calcutta auction is a unique and exciting form of sports betting, commonly associated with auction-style events like the NCAA tournament, golf tournaments, horse racing, or other competitions with multiple participants. It involves auctioning off each competitor or team to the highest bidder, with participants bidding on who they believe will win the event.
Here's how the Calcutta auction typically works:
Before the event, participants pool their money, creating a prize pool used to bid on the competitors. Each competitor or team is assigned a value, often determined by the event's organizers based on their perceived chances of winning.
Participants then take turns bidding on the competitors. The highest bidder "wins" that competitor or team and becomes the owner. The bidding continues until all competitors have been auctioned off.
Once the event concludes, the prize pool is distributed among the winning bidders based on the performance of their owned competitors. The higher the finish, the larger the payout.
The Calcutta auction adds an element of excitement and strategy to sports betting, as participants must carefully assess the competitors and manage their budget during the bidding process. It also allows bettors to have a rooting interest in multiple participants, making the event more engaging and enjoyable.
