Talk:Calcutta auction

Opening comment
Interested in the term Calcutta gambling. Originated in Calcutta, india by the british but I don't know what they were gambling on?

A Calcutta auction refers to a type of auction where bettors bet on who they think will win the tournament (you can bid on yourself or your own team, too). All the money raised through the "auction" goes into the pot. At the end of the tournament, those who "won" the team that then won the tournament get a pre-determined payout from the auction pool. This is a popular form of gambling.. (Nwmedia (talk) 14:43, 24 May 2012 (UTC)