An Calcutta auction (also: Calcutta sweepstake, Calcutta lottery or briefly: Calcutta) is a connection from a Lotterie and an auction.

As the British at the beginning 19. Century horse racing to Calcutta introduced, developed a special kind of, the so-called Calcutta auction. This kind of enjoys of large popularity in the countries of the earlier British Empire and the USA.

This format is used particularly with horse and formula 1-Rennen. When horse running however today the totalizer system dominates. The Calcutta auction is the totalizer system the individual participants closely related, there also here among themselves bets (frz. pari mutuel), contrary to the bet at the totalizer however in each case a participant can on a certain horse bets with a Calcutta.

Will always strictly distinguished the terms Calcutta sweepstake (and/or Calcutta lottery) from Calcutta auction, in the following is however the difference to be considered.

First a description of the original format, how one practiced in Calcutta.

Calcutta sweepstake and/or Calcutta lottery

A Calcutta sweepstake (also Calcutta lottery) consists of two sections: a Lotterie and an auction.

Lotterie

Before running tickets are sold (typically 100 pieces to 10 Rupien); proceeds from the sales are deposited into the profit pot (pool). After the sales of all tickets a Lotterie is held. To each participating horse a number is drawn.

Example: To the horse Black Dream is pulled the number 69, to Cherry the number 6, and so on.

Auction

Before beginning of running the individual horses in coincidental order are auctioneered according to the method of the English auction. Half of the auction price is entitled to the owner of the ticket with that the horse in the preceding Lotterie assigned number, the other half into the profit pot is deposited.

The owner of the Lotto ticket has now the choice between the following possibilities:

• it can be able to be disbursed half of the amount of auction and its participation at the play terminate, thus loses it each requirement on the profits which are allotted to its horse.

• it can do without the disbursement of the amount and remain further in the play, it keeps then a requirement on half of the profits which are allotted to its horse. The participant, who ersteigert the horse, pays then however only the half auction sum and acquires for his part likewise half of the profits which are allotted to this horse.

The horse, then he pays only half of the amount of auction to Ersteigert of the owners of the ticket.

Example: If Black Dream is ersteigert to the amount by 1.000 Rupien, then the Ersteigerer pays 500 Rupien into the profit pot and 500 Rupien to the owner of the ticket with number 69 and acquires thereby the requirement on the profit which is allotted to Black Dream.

If the owner of ticket number 69 does without it which are entitled the 500 Rupien, then the Ersteigerer pays only 500 Rupien into the profit pot. It acquires thereby the requirement on half of the profit which is allotted to Black Dream, the other half of the profit is entitled to the owner of the ticket with number 69.

If Black Dream is finally ersteigert by the owner of the ticket number 69 for 1.000 Rupien, then this pays only the half auction price, thus to 500 Rupien, into the profit pot.

Allocation of the profit pot

• The owner of the erstplatzierten horse receives 40% of the profit pot,
• the owner of the zweitplatzierten horse receives 20% of the profit pot,
• the owner of the drittplatzierten horse receives 10% of the profit pot,
• the owners of the platzierten horses receive altogether 20% of the profit pot,
• and the organizer keeps 10% of the profit pot as a commission (Deduction).

Calcutta auction

The Calcutta is accomplished very frequently in simplified form without the introductory Lotterie. This form, when Calcutta designates auction, is particularly common in connection with Backgammon, Poker, Bridge and gulf tournaments, fishing rod competitions, etc.

With the Calcutta auction the full auction price is deposited into the profit pot (Auction's pool), these are divided after departure of the commission for the organizer mostly after the same key as prize moneys of the bewetteten event.

Variants and additions

• Fields: With large number of participants several starters are combined into groups and auctioneered as package (Field).

• Buy bake: If the ticket with the name of a player does not become from this e.g. with a Backgammon tournament, but ersteigert of another participant, then that player has the right to buy one up to 25%-igen portion of the ticket with its name to aliquots the portion of the auction sum of the owner of the ticket.

• Highest bidder's choice plumb bob: In order to increase the attraction of the auction, a so-called highest bidder's choice plumb bob can be auctioneered as the first; with this ticket the buyer explains after the Ersteigern, on which starter he would like to set. (In this way there are more competitive bidding, and affects the height of the auction pot positively.)

• The bag: Tickets, for which no buyer is to the lowest bid, are put into the so-called bag and auctioneered at the end like an individual ticket.

Related links

• To the organization of an Calcutta auction: How ton organize A calcutta auction

• An interesting financialscientific application and a mathematical analysis is in venture capital investing and the "“Calcutta auction"”

• The Royal Calcutta Turf club (RCTC) writes over the history of the Calcutta Sweepstakes in

Rise and case OF the Calcutta Sweep

Articles in category "Calcutta auction"

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