TCC NCAA Calcutta

[XUglow]

We had our NCAA pool tonight at Tupelo Country Club. Total taken in was $21,000. Xavier was the lowest price #4 seed at $300. Round 1 win will pay back $105. Round 2 will give back $315. Making the Elite 8 like we did last year will pay back $1050.

UNC and Louisville each went for $2300. Those were the top 2 teams. Those are odd numbers because making the Final 4 gets you back $2100. They have to make the finals to have a return.

[XU '11]

What was the format? Was the order of the teams random, best to worst, or worst to best?

[XUglow]

It is an auction that goes by seeding. We did groups for the higher seeds. We grouped 13-16 and did those 4 groups first. We did 11-12 and did those four groups. We did 9-10 and did those 4 groups. Then we did the 8's to the 1's until we were done. Payments for advancement are 0.5%, 1.5%, 5%, 10%, and then 25% for the winner and 15% for the runner-up.

Nothing is paid for the play-in game. The 32 first round losers get 0. The 16 second round losers get 0.5% each or 8%. The 8 third round losers get 1.5% or 12%. The 4 fourth round losers get 5% or 20% of the total. The Final 4 participants get 10%, 10%, 15%, and 25% total. That should add up to 100%.

Our Men's Golf Assoc. took roughly 10% off of the top, so the total bidding was actually closer to $23,200 which left us with the $21,000 purse.

[GoMuskies]

Was it a single round, or did you have the ability to rebid after the auction was done? The only Calcutta I did allowed the rebidding because early on you didn't know what the total pool was going to look like.

[Jumpy]

I bet the casinos and strip clubs love to see you guys rolling through the door.

[XUglow]

Was it a single round, or did you have the ability to rebid after the auction was done? The only Calcutta I did allowed the rebidding because early on you didn't know what the total pool was going to look like.

No rebidding. We started with an estimate of $15K to $20K in the pool. That helped us guestimate what each round might pay. We would pause after each round to announce a total, and we used historical data to tell everyone whether we were on pace or not. We ran ahead of pace all night.

What we will do for Sweet 16 and on is use paramutual s/w and allow people to bet win, place, and show. The s/w automatically adjusts the odds based on the pace of betting on each team.

[XUglow]

I bet the casinos and strip clubs love to see you guys rolling through the door.

Heck, this is tame. You need to be at our Master's auction on Friday night after we know who has made the cut. We do weekend golf only so that everyone that makes the cut starts the weekend even. The betting on Tiger is crazy. If he doesn't come in first on the weekend, the guy that bought him will lose some serious jack.