Pool Selling -- Pool Sales -- Pool Auctions

[highnote]

Has anyone every heard of "Pool Selling" as it relates to betting on horses?

My understanding is that a person bids on which horse in a given race will win. If they are the highest bidder then they win the right to collect the entire pool if their horse wins the race.

So if there are three horses is the race, the winning bids on each horse might look like this:

1. $300
2. $500
3. $200

Total bids in the pool = $1,000.

In this race, only 3 people hold possible winning tickets.

I've always wanted to offer this bet among friends for the Kentucky Derby at a KY Derby party. I would take no commission of course -- that would be illegal.

If anyone has any experience or knowledge, please let me know. Maybe if there is enough interest I would consider doing it for some of the people on the PA board that I've come to know over the years.

I think it would be no different than office pool betting on the Super Bowl. Or playing poker with 4 friends on the commuter train everyday after work.
As long as it is between friends, I think it is legal.

Any opinions on the legality would be appreciated.

The auction would have to be done on good faith. The losers of the auction would have to send the money directly to the holder of the winning auction ticket. I don't want to handle any money myself. I'll be glad to keep track of the auction. Maybe it can be done in a chat room, say, for a one hour period. That way everyone can see the bids in the chat box as they are submitted.

We could do a test auction for play money to see if it will even work.

It might be fun. It might not even work. Who knows?

[GameTheory]

Office pools are legal most places, but definitely illegal in certain states (Florida and Illinois are two). There are relevant local and city ordinances as well depending on where you live. I would certainly not do anything like this on the internet as anything involving bets crossing state lines is very dubious. In your own living room, I'm sure you are fine...

[Kelso]

My understanding is that a person bids on which horse in a given race will win. If they are the highest bidder then they win the right to collect the entire pool if their horse wins the race.

<snip>

I've always wanted to offer this bet among friends for the Kentucky Derby at a KY Derby party.


This reminds me of draft day in a Rotisserie Baseball League ... always the best day of the season.
Sounds like a lot of fun at a party.

Good luck with it!:jump:

[JPinMaryland]

this sounds like a great time, can it be done off line? I would be willing to play. I would suggest a closed auction, though, one where you cannnot see what the bids are..

[highnote]

I would certainly not do anything like this on the internet as anything involving bets crossing state lines is very dubious.


I doubt it would be a problem for one race once a year. Plus, no money changes hands over the internet. It's strictly voluntary if someone wants to pay up on the auction. Hopefully, people are honorable and will pay up. This can even be done by email.

I like the idea of a silent auction. Everyone can email me with their bid amounts.

I'll email everyone back what the bids are. So we will all have a copy of each email. Then whoever wins can tell all the other bidders their mailing address.
The auction losers can then send their losing bids to the winner.

Whoever gets outbid risks nothing. Only the highest bidders (or co-highest bidders) have a risk.

I think it might be fun.