College Football Games With Over 100 Points For A Team The Calcutta Auction – Not Another March Madness Pool

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The Calcutta Auction – Not Another March Madness Pool

If you are a serious sports fan, a serious gambler or work in the high-finance sector, you will have heard your friends or colleagues kicking around the term “Calcutta Auction”, especially if it is near “March Madness”. Timing (I first came to Calcutta Auctions during my analyst years at i-Banking). What the devil are they talking about you ask? Simply put, a Calcutta auction is any auction held in the Indian city of Calcutta. Fun! (Well, sort of, because that’s technically a correct definition). In the world of sports gambling, a Calcutta auction usually refers to a gambling pool where entrants “buy” teams (players, horses, etc.) in an auction-style format (I’m not condoning gambling for real money. Capital in this article is imaginary funds, or “points”). ). The easiest way to describe and understand this is to look at the most common modern day example: the men’s college basketball tournament. Here is a very brief overview:

1. The time and location of the auction is selected

2. Since there are 64 teams (I know, I know…with 65 play-in games), there will be 64 teams up for auction.

3. Teams arrive for auction in random order

4. Entrants begin bidding for the team currently on the auction block. In order for an entrant to “own” a given team, it must be the highest bidder at the end of the bidding round

5. There is no limit to the number of teams a bidder can purchase

6. The number of games a team wins in a tournament determines what percentage of the pot is awarded to the owner (early round wins are a much smaller % of the total pot than later round wins)

That’s basically for auction semantics. Sounds easy, right? Well, in theory it is, but in reality, Calcutta auctions are very complicated and involve a lot of valuation work (that’s why investment bankers, hedge fund analysts, P/E analysts, lawyers and anyone else are involved in valuation work). If a Calcutta-style auction sounds interesting to you, read on.

Detailed overview of Calcutta auction

Now that you know the basics of Calcutta auctions, let’s dive a little deeper. I’ll present this example again using men’s college basketball Calcutta (note that this information is applicable to any other sport… professional football is a common form of Calcutta).

So, Men’s College Basketball Calcutta is brewing in your office/school/group of friends. If you’re interested in participating, the first thing you need to do is figure out how big the pool size you’re aiming to be (or if you’re organizing, how big you want it to be). Estimating the overall size of the pond is an important factor in success in Calcutta. You don’t want to spend most of your capital on a single team, only to find out that team represents 50% of the total pot. You also want to determine the payout % of each win in a given round.

For example, if the team you own wins the first round game, it may only be worth 0.5% of the total pot. If they win the championship, that final win could be worth 10% of the pot. It is very important to understand that the total amount you spend on your teams is not an accurate representation of your capital at risk. This is because the only way you can lose 100% of your capital is if none of your teams win a single game, an incredibly unlikely scenario if you do your homework. If you are willing to lose money, you must be willing to spend more on your teams.

Your next, and most important, step is to do some research on the teams you’ll be bidding on. People approach this step in different ways. Some people rely on “humps”. Others go by team loyalty – eg. I went to school in 10th grade, so I had to have them or I liked the team mascot and wanted to root for his team. The last group of people, and usually the most successful, do sophisticated statistical analysis using complex Excel models. The last group is able to approach the auction in the most objective way possible, as they aspire to tell the teams “fair” values. This is the approach I have taken and it has been quite successful. Now that you’ve determined which teams you want to own, it’s time for the auction.

An auction is usually held in person at a fixed time and place. The rules of the auction should be clearly explained in advance (eg how to indicate that you want to bid, how many days after the last bid you close bidding, etc.). Each team will be put up for auction until all are sold (in some auctions, 13-16 seeds are packed as a single team). Let’s say the team you want wins. what now

Once the auction is over and you have your teams, most of the hard work is over, but the fun has just begun. This is what it should feel like to own a professional sports team! You’ll root for the teams you own (or currently attend, as the case may be) rather than the school you graduated from. It’s a blast! You are updating your winnings total and trying to figure out how many more you need to win.

Once you participate, you will undoubtedly be hooked!

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