So what is a 'Calcutta' anyway? Three things you need to know.
The Ipswich Cup Calcutta is your chance to ‘own’ a runner in Ipswich’s biggest race and event of the year, the Channel 7 Ipswich Cup.
Even if you’re just coming along and watching from the sidelines you’ll find it entertaining and it’s a great event to get into the spirit of the cup weekend..
How does it work?
The Calcutta is divided into two main stages:
1. The Ticket Draw
Tickets are $10 each - or 6 for $50 or 14 for $100
Tickets are only available to purchase at the event. The ticket sales create a pool of money called the ‘starting pool’. The Calcutta commences with one ticket being drawn for each of the horses running in the Ipswich Cup.
If your ticket is drawn, you temporarily ‘own’ that horse ahead of the auction stage.
2. The Auction
Following the ticket draw, we get down to the business of the auction.
Each horse will be auctioned; anyone can bid on any horse during the auction! This is where the fun really starts.
After the hammer falls on each runner:
· 50 per cent of the sale price goes to the person who drew that horse in the ticket draw; and
· The remaining 50 percent goes into the ever-growing prize pool
This means that if you drew a horse in the ticket draw and are the highest bidder for that horse in the auction, you will pay only 50% of the auction price to retain that runner.
Successful bidders must pay for their horse on the night – cash and EFTPOS facilities will be available.
The highest bidder in the auction stage becomes the ‘new & final owner’ of that horse.
3. After the race is run
The total prize pool is therefore made up of the starting pool (ticket sales) plus 50% of the money raised through the horse auction, less 10% to be donated to our charity beneficiaries on the night.
The prize money is divided up as follows (after correct weight):
1st place – 60%; 2nd place – 22%; 3rd place – 13%; Last place – 5%
