A Calcutta auction is an open auction held in conjunction with a golf tournament,[1]horse race or similar contest with multiple entrants. It is popular in backgammon, the Melbourne Cup, and college basketball pools during March Madness.[2] Culcutta auction is a sequential auction, where the bidding for each contestant begins in random order, with only one contestant being bid upon at any time.[3] Accordingly, participants (originally in Calcutta, India, from where this technique was first recorded by the Colonial British) bid among themselves to "buy" each of the contestants, with each contestant being assigned to the highest bidder. The contestant will then pay out to the owner a predetermined proportion of the pool depending on how it performs in the tournament.
While variations in payoff schedules exist, in an NCAA Basketball tournament (64 teams, single elimination, maximum six wins) the payoffs could be:
Wins
Payout
1 win
0.25%
2 wins
2%
3 wins
4%
4 wins
8%
5 wins
16%
6 wins
32%
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.
An interesting element of Calcutta auctions is in determining an appropriate wager for each contestant, as the payoff will directly hinge on the size of the pot and thereby the size of the bids being placed. Thus the value of each team fluctuates during the course of the betting. For example, even if a bidder knew the University of North Carolina would be the tournament winner and thus pay out 32% of the pool, he would still be unsure of the exact value of the team (unless it was the last team being bid on) since the payout depends on the sum total of all winning bids, i.e. the final size of the pool.
Another typical variation in NCAA Calcutta auctions is the bundling and auctioning off as a block the lowest seeded teams in each region, called the "Dogs". For example, the 16th to 13th seeded teams from the Midwest Region would be bid upon as a bundle named the "Dogs of the Midwest". The winning bidder would own all 4 teams and usually recoups his or her investment if one or two of the Dogs wins an upset.
This is similar to parimutuel betting, in that the winnings are awarded from the total pool of bets, but differs in that only one player can bet on any one contestant. However, a player may purchase as many contestants as they desire.
One variation that has grown as the Calcutta auction is used more in conjunction with March Madness involves auctioning teams off in the reverse order of their seeds instead of random order. As bidding evolves, this aids bidders in estimating the final pot size since the heavily favored teams that command the highest bids are auctioned at the end, thereby limiting the risk on the larger bets.
A Calcutta golf tournament is seen in the 1967 film Banning.
500 or Five Hundred is a trick-taking game developed in the United States from Euchre. Euchre was extended to a 10 card game with bidding and a Misere contract similar to Russian Preference, producing a cutthroat three-player game like Preference and a four-player game played in partnerships like Whist which is the most popular modern form, although with special packs it can be played by up to six players.
A poker tournament is a tournament where players compete by playing poker. It can feature as few as two players playing on a single table, and as many as tens of thousands of players playing on thousands of tables. The winner of the tournament is usually the person who wins every poker chip in the game and the others are awarded places based on the time of their elimination. To facilitate this, in most tournaments, blinds rise over the duration of the tournament. Unlike in a ring game, a player's chips in a tournament cannot be cashed out for money and serve only to determine the player's placing.
The NCAA Division I men's basketball tournament, branded as NCAA March Madness and commonly called March Madness, is a single-elimination tournament played in the United States to determine the men's college basketball national champion of the Division I level in the National Collegiate Athletic Association. Played mostly during March, the tournament consists of 68 teams and was first conducted in 1939. Known for its upsets of favored teams, it has become one of the biggest annual sporting events in the US.
The NCAA Division I women's basketball tournament, sometimes referred to as Women's March Madness, is a single-elimination tournament played each spring in the United States, currently featuring 68 women's college basketball teams from the Division I level of the National Collegiate Athletic Association (NCAA), to determine the national championship.
A Vickrey auction or sealed-bid second-price auction (SBSPA) is a type of sealed-bid auction. Bidders submit written bids without knowing the bid of the other people in the auction. The highest bidder wins but the price paid is the second-highest bid. This type of auction is strategically similar to an English auction and gives bidders an incentive to bid their true value. The auction was first described academically by Columbia University professor William Vickrey in 1961 though it had been used by stamp collectors since 1893. In 1797 Johann Wolfgang von Goethe sold a manuscript using a sealed-bid, second-price auction.
A progressive jackpot is a jackpot which increases each time the game is played but the jackpot is not won. When the progressive jackpot is won, the jackpot for the next play is reset to a predetermined value, and resumes increasing under the same rule.
Pitch is the American name of the English trick-taking game of Blind All Fours which, in turn, is derived from classic All Fours. Historically, Pitch started as "Blind All Fours", a very simple All Fours variant that is still played in England as a pub game. The modern game involving a bidding phase and setting back a party's score if the bid is not reached came up in the middle of the 19th century and is more precisely known as Auction Pitch or Setback.
The 2007 NCAA Division I men's basketball tournament involved 65 teams playing in a single-elimination tournament to determine the national champion of men's NCAA Division I college basketball as a culmination of the 2006–07 basketball season. Team selections were announced on March 11, 2007, and the tournament began on March 13, 2007, with the opening round game and concluded with the championship game on April 2 at the Georgia Dome in Atlanta, Georgia.
The 1993 NCAA Division I men's basketball tournament involved 64 schools playing in single-elimination play to determine the national champion of men's NCAA Division I college basketball. It began on March 18, 1993, and ended with the championship game on April 5 in New Orleans, Louisiana. A total of 63 games were played.
A betting pool, syndicate, sports lottery, sweep, or office pool if done at work, is a form of gambling, specifically a variant of parimutuel betting influenced by lotteries, where gamblers pay a fixed price into a pool, and then make a selection on an outcome, usually related to sport. In an informal game, the vig is usually quite small or non-existent. The pool is evenly divided between those that have made the correct selection. There are no odds involved; each winner's payoff depends simply on the number of gamblers and the number of winners.
The 2011 NCAA Division I men's basketball tournament was a single-elimination tournament involving 68 teams to determine the national champion of the 2010–11 NCAA Division I men's basketball season. The 73rd edition of the NCAA tournament began on March 15, 2011, and concluded with the championship game on April 4 at Reliant Stadium in Houston, Texas. This tournament marked the introduction of the "First Four" round and an expansion of the field of participants from 65 teams to 68. The "South" and "Midwest" regional games were replaced by the monikers "Southeast" and "Southwest" for this tournament, due to the geographical location of New Orleans and San Antonio, respectively.
March Madness pools are a form of sports betting based on the annual NCAA Division I men's basketball tournament each spring in the United States. The popularity of this phenomenon is fostered by March Madness pools, or brackets. The tournament bracket can be completed online or printed out and completed by hand whereby the participant predicts the outcome of each game in the tournament. The bracket is to be completed before the tip of the first four games begin. His or her predictions are compared against others in the pool, and whoever has the best prognostication skills wins the contest. Various other bracket games exist including a board game whereby players draft teams.
Deepdale Golf Club is a private golf club in Manhasset, New York, just east of New York City on Long Island.
The Royal Calcutta Turf Club (RCTC) is a horse racing organisation which was founded in 1847 in Calcutta, British India. Horse events and sports were initially organised for the British cavalry at Akra before they were moved to the Maidan. The RCTC became the foremost horse-racing organization in India during the British Raj. At one time it was the governing body for nearly all racecourses in the subcontinent, defining and applying the rules governing the sport. During its heyday, RCTC-organised races were among the most important social events of the bigwigs' calendar and were opened by the Viceroy of India. Still a private club, the RCTC operates Kolkata Race Course in the Maidan.
The 2016 NCAA Division I men's basketball tournament involved 68 teams playing in a single-elimination tournament to determine the men's National Collegiate Athletic Association (NCAA) Division I college basketball national champion for the 2015–16 season. The 78th edition of the Tournament began on March 15, 2016, and concluded with the championship game on April 4 at NRG Stadium in Houston, Texas.
The 2017 NCAA Division I men's basketball tournament involved 68 teams playing in a single-elimination tournament to determine the men's National Collegiate Athletic Association (NCAA) Division I college basketball national champion for the 2016–17 season. The 79th edition of the tournament began on March 14, 2017, and concluded with the championship game on April 3 at University of Phoenix Stadium in Glendale, Arizona. The championship game was the first to be contested in the Western United States since the 1995 tournament when Seattle was the host of the Final Four.
The 2018 NCAA Division I men's basketball tournament was a single-elimination tournament of 68 teams to determine the men's National Collegiate Athletic Association (NCAA) Division I college basketball national champion for the 2017–18 season. The 80th annual edition of the tournament began on March 13, 2018, and concluded with the championship game on April 2 at the Alamodome in San Antonio, Texas.
The Genius: Rules of the Game is the first season of The Genius debuted on tvN on April 26, 2013.
The 2021 Pac-12 Conference men's basketball tournament was a postseason men's basketball tournament for the Pac-12 Conference, which was played March 10–13, 2021, at T-Mobile Arena on the Las Vegas Strip in Paradise, Nevada. The winner was Oregon State, which was the first for the Beavers in the history of the tournament. They received the conference's automatic bid to the 2021 NCAA Division I men's basketball tournament. The 2020 Tournament had been cancelled after the first round due to the COVID-19 pandemic. The 2021 tournament was played, but with only family of student-athletes as spectators in attendance.
The 2019 Poker Masters was the third season of the Poker Masters. It took place from November 4-14, 2019, from the PokerGO Studio at ARIA Resort & Casino in Las Vegas, Nevada. The event was sponsored by Poker Central, and every final table was streamed on PokerGO. There were ten events on the schedule including five No-Limit Hold'em, two Pot-Limit Omaha, and then a Short Deck, 8-Game, and Big Bet Mix. Buy-ins ranged from $10,000 to the $50,000 Main Event.
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