Monday 2nd of November from 6.30pm.
Calcutta tickets $2 each available from Reception
Tickets on sale from Thursday 22nd October
How does a Calcutta work
How does a Calcutta work?
The pool of prize money is made up or the original pool + 50% of the money raised through auction
If the starting pool = $2,000 and auction pool (ie 50% of auction takings) = $1,200 then the prize money would be as follows:
1st 60% $1,920
2nd 25% $800
3rd 15% $480
Last will receive $100 regardless of the prize pool.
Raffle tickets costing $2 each are sold, concluding on Calcutta night, Monday the 2nd of November (night before Melbourne Cup). The ticket sales create a pool of money called the ‘starting pool’.
On the Calcutta night, 24 of the tickets sold over the period are drawn out for the respective 24 Melbourne Cup Horses. Those lucky enough to have drawn a horse are the ‘horse owner’.
At this point, horses will be auctioned in descending order of the longest odds to favourite. Anyone can bid on any horse during the auction.
If the original ‘horse owner’ would like to keep their horse, they must have the highest bid. However, the owner only must pay half the amount that he or she has successfully bid. This amount is added to the starting pool.
If the successful bidder is not the original horse owner, they must pay the full amount of the bid. 50% of the price paid is added to the starting pool, with the other 50% going to the original ‘horse owner’. The successful bidder is now the new “horse owner”.
Please Note there is NO money back for late scratchings!