For Neal, he has one goal: “To make as much money as possible.”At night, he’s been praying for his ideal outcome: “We want to have two of our teams in the championship against one another-a UConn-Tennessee match-up in the final would be awesome,” the insurance salesman says. If the Cougars go all the way, the syndicate that owns them will win $24,700, or 19% of the pot, making a tidy $16,500 profit. 1 seed in the Midwest Region, fetching $8,200. This year, the pot for the Ohio Calcutta hit $130,000 with the highest priced team, the Houston Cougars, No. The auctioneer awards the team to the highest bidder, and then it’s on to the next team until all 68 are selected. There’s no fast-talking, gavel-touting barker, but the prices speed quickly past the four figures as gamblers huddle around their laptops, poring over their spreadsheets and mathematical models, spitting out price ranges for each team. The group meets virtually while an auctioneer-a friend not involved in the betting-randomly picks a team, announces their seed and starts accepting bids. It’s a genteel form of gambling practiced by well-to-do risk-takers: doctors, lawyers, and finance guys gathering in rented restaurant dining rooms, boardrooms and country clubs.įor the last nine years, Neal and his college friends hold an auction for March Madness and the Masters golf tournament in April. Which is all to say that Calcuttas are not generally happening at the local bar or among office workers.
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