BOSS on Truepoker .... Any interest in a Calcutta bonus prize pool ?

[TruePoker CEO]

A golfer suggested to me today that a poker torunament would be a perfect vehicle to support a "Calcutta" prize pool.

We would be willing to support one for the BOSS tournament in order to test this idea out for online poker.

Briefly, we accept bids by email, could post leading bids here, handle the funding from players' accounts and pay the winners. WE would suggest paying three places, 50%, 30% and 20% of the bonus pool created from Calcutta sales. (A player who is "bought" would retain an automatic 20% interest in his or her own performance to provide an added incentive.) Because we are interested in this as a test item, we would not charge for this service, so the 20% plaqyer share should not be too onerous.

Anyone interested, it might be very revealing of what players REALLY think of each others' ability.

Truepoker CEO

[Bob T.]

I'll play. Sounds fun.

[bunky9590]

Sorry to sound naive, but what the heck is a calcutta?

[BottlesOf]

I too, would like a more in depth explination of a Calcutta, it's not very clear from the post.

[Bob T.]

Do you have to play to bid? There might be some people who can't play because of their schedule, but might like to participate in a second hand way.

[J.R.]

Calcutta betting pool: A pari-mutuel gambling arrangement in which odds are established by having bettors bid for the chance to win a pool should their selected player win the tournament. After deduction of a percentage for the promoter (not so in this case), the pool is awarded to the bettors choosing the eventual top finishers. During the selection phase prior to the tournament, as each player's name comes up it is assigned to the highest bidder.

[Bob T.]

A Calcutta is an auction where the results of individual players are purchased.

So, there would be a pool of all the auction money, let's say $200 dollars. 20% of that, or $40 would be split between the winner of the tournament who would recieve 20, 2nd would recieve $12, and third would recieve $8. The other $160 would be split between the players who had purchased each of the players in those positions. $80 for first, $48 for second, and $32 for third.

[TruePoker CEO]

Basically, that is it. Here, we are reserving 20% for the players and taking no cut ourselves.

We could host a live auction on Truepoker the day before the tournament if there is a real interest.

It is up to the players really if they will allow non-players to bid. Our only requirement is that a bidder must have funds deposited in Truepoker available to bid at the auction.

Let's see if there is much interest before we go forward.

Truepoker CEO

[ElSapo]

I think it sounds like a good time. And I'm always up for a good time.

Whether or not I bid on myself is a separate issue.

[JTG51]

Sounds like fun to me. And I like Bob's idea of letting non players bid also. Afterall, more bidders = more money = more fun.

Of course, the bidding should still be restricted to 2+2 posters.