It’s back for the 2019 Melbourne Cup!
Tickets on sale from 6pm with the Raffle Draw happening at 7:30pm and Auction at 8pm to get your Horse for the race that stops the nation!
While you are there, make sure you grab a beer for Let it Pour - our fundraiser for the drought affected farmers in Australia.
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So how does the Calcutta work?
The idea is to build a big prize pool and then we split the pool - 60% winner, 30% 2nd and 5% each for 3rd and last.
You buy a $5 ticket in the raffle. The raffle funds go into the prize pool.
The raffle is drawn and you then “own” the horse.
Each horse is then auctioned.
The highest bidder buys the horse (you can bid on your own horse). Anyone can bid on a horse.
50% of the auction money goes to the pool, and 50% to the owner.
So the prize pool is now raffle money plus auction money.
Example:
100 tickets sold in raffle = $500 prize pool
24 horses drawn and auctioned for $20. Half to owners, half to pool = $240 prize pool
Total prize $740
Winner 60% - $444
2nd place - 30% - $222
3rd and 4th - 5% each $37