Posted By: Phil Simborg
Date: Saturday, 27 December 2014, at 7:01 p.m.
I plan to do the following at some upcoming tournaments as I think it adds a fun element. Of course I would never do it if the TD objects. (Note there are some tournaments that do not have a calcutta and this offers a way for some side bets that cannot be linked back to the tournament organizers.)
Feedback and comments and suggestions welcome:
Private Pari-mutuel for Backgammon Tournaments
How it works: You can bet $25 on any player to “show” in the Championship Division of the tournament. You win if your player takes first, second, or first consolation.
The amount you win if your player wins is your share of the entire pool. Your share of the pool is the entire total of all bets, less a 10 percent rake, divided equally by the three winners, and then each person gets their share of each winner based on the number of $25 bets made on that player.
For example, if the entire pool of bets is $6,000.00 (after the 10 percent rake), each winning player gets $2,000.00. If you bet $25 on a winning player, and there were five $25 bets on that player, you would get 20% of $2,000 or $400.00.
You may bet up to 4 bets ($100) on any one player and no one may bet more than $300.00 total. You must be a participant in the tournament to bet.
Everyone who bets will get a numbered receipt for their bet and I will keep a duplicate copy of the receipt. Sometime on Saturday I will print out and post the total amount bet on each player.
Note that until the betting closes at the beginning of the first round, no one will know how much was bet on which player. Also note that I will not personally make any bets (as I would have an advantage knowing who has fewer bets on them.)
This is a private bet that has nothing to do with the running of the tournament and I will personally be responsible for collecting and paying out all cash. Payouts will take place immediately upon determination of the winners. I will attempt to keep an accurate record of who bought each ticket, but if you lose your copy of the ticket you would have no proof of your purchase in case there is an error on my part, so don’t lose your copy if you want to be sure to be paid.
Also note that I will be giving half the rake as a tip to the tournament staff, so I am only taking 5 percent for handling this.
[If only two of the finalists and last chance winner had bets on them, they will split the pool, and if only one had bets, that winner gets the entire pool. If none of the three finishers were bet on, then we look at semi-finalists and last chance finalist and pick winners from them. And if there were still no bets, all money is refunded without a rake.]
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