The term “Calcutta” describes a type of auction-pool wagering that can be applied to golf. In a Calcutta, people bid, auction style, on the players or team who they think will win the tournament. All the money raised through the auction goes into the pool or pot. At the end of the tournament, those who purchased the team that wins the tournament get a pre-determined payout from the auction pool.
Each team in the tournament will be put up for auction. Anyone (players, friends, neighbors, attendees) is allowed to bid on the teams. The person with the highest/winning bid will pay the designated cashier and place the bid dollar amount into the “pool.” The person with the winning bid will be recorded as the “calcutta owner” of that particular team.
This Calcutta has a 30:10: 5: 5 payout.
1st Place Team Owner: 30% payout
2nd Place Team Owner: 10% payout
3rd Place Team Owner: 5 % payout
10th Place Team Owner: 5% payout
The other 50% of the pool goes toward the Montana Stockgrowers Foundation programs.
View the full explanation of calcutta rules, here.