Problem in structuring a gambling venture

Discuss Thrower · 03-06-2012, 01:05 AM

This is set up:

Say a buy in of 50 poker chips entitles you to join 19 other participants in an auction draft of NCAA tournament seeds. Draft order is a randomly drawn snake.

What way do you balance out the fact that the guys picking in the top 12 have the best chance to win a portion of the 1000 poker-chip pot? (with the payout more or less getting the majority of your buy in back by getting a team to the elite 8, along with getting 100 chips for a final four appearance)

Given that 20 doesn't divide into 64 seeds evenly (yes, it's a 68 team field; I'm using 'seeding' as criteria here), it kind of means that if it were a straight draft that each selector will get 3 picks with the last four allotted in a manner to be decided.

What if a draft selector chooses a 1-4 seed with the first pick, they waive their chance to pick for the rest of the draft? So statistically these 16 guys have the best chance of winning something owing to the history of high seeds in the tournament, but guys drafting later have more chances of getting to a payout?

Feedback is appreciated, let me know if something isn't clear...

03-06-2012, 01:05 AM	Topic Starter
Discuss Thrower "You like to drink?" Join Date: Jun 2006 Location: "I like to drink." Casino cash: $-180000	Problem in structuring a gambling venture This is set up: Say a buy in of 50 poker chips entitles you to join 19 other participants in an auction draft of NCAA tournament seeds. Draft order is a randomly drawn snake. What way do you balance out the fact that the guys picking in the top 12 have the best chance to win a portion of the 1000 poker-chip pot? (with the payout more or less getting the majority of your buy in back by getting a team to the elite 8, along with getting 100 chips for a final four appearance) Given that 20 doesn't divide into 64 seeds evenly (yes, it's a 68 team field; I'm using 'seeding' as criteria here), it kind of means that if it were a straight draft that each selector will get 3 picks with the last four allotted in a manner to be decided. What if a draft selector chooses a 1-4 seed with the first pick, they waive their chance to pick for the rest of the draft? So statistically these 16 guys have the best chance of winning something owing to the history of high seeds in the tournament, but guys drafting later have more chances of getting to a payout? Feedback is appreciated, let me know if something isn't clear...
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