Was wondering who would be interested in a LIVE NCAA Auction.
I have been apart of three of them in the past and after a few years they die because they either get too big or too small.
If you are not aware, the concept goes like this:
1. It is a real LIVE auction, probably at a place like JOES on Weed street.
2. The brackets are broken down before any bidding showing each 1st round win is worth .75% of the total pot, 2nd round wins are 2.5% and so on.
3. You register before hand by BUYING a Bidding Card with a number on it for $100. That $100 goes to your bidding, but you lose it if you dont bid.
4. Each card is allowed to bid up to $1000. Thus you can buy Maryland for $400 and Arizona for $600 on card 1. You can not use $300 or so remianing on a card with any other card.
5. If 2 people each bid $1000 max on a card, there is one blind bid to see who gets the team.
6. It's about $50,000 or so in the pot.
I did not participate last year, for the first time in 5 years, but wanted to see if anyone would do such an event.
Usually it is a group of guys who bid together on one card., or they buy 2 cards together
EXAMPLE
In 2002 we paid $450 for Indiana, the total pot bid fro the event was $72,000, they won 1st round for .75% second round for 1.5% 3rd for 4% final four 5% and made it to the championship game for another 6%, thus we took home about $12,000 for our $450 investment (Numbers are approx, but you should get the idea)
So if you are interested, email me and I will keep you informed
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