I will be conducting an "office pool" auction for all of the teams entered in the 2002 World Cup (soccer) this Summer. This auction wil be open to everyone here at MadJacs. There is no vig or service fees for the contest. That way, this is perfectly legal.
Starting next Monday, I will post the team name here at this forum and acccept bids. The auction will stay open for 48 hours for each team or until the figure $100 is reached -- whichever comes first. Time zones will not be a problem, since this will be open two full days and everyone will have a chance to select a team. Teams will be auctioned off alphabetically.
Here are some general rules that we agreed upon in advance:
(1) There is a $100 cap on all bidding. Whoever hits the $100 cap automatically wins that team as his pick.
(2) No player may exceed a $100 bankroll. In other words, each player has a $100 salary cap. However, you can bid on more than one team, provided you do not exceed $100 total. Example: You get TEAM G for $65, TEAM P for $25, and TEAM W for $10. You have three teams, and owe $100 to the pool.
(3) All World Cup teams are to be auctioned off IN ALPHABETICAL ORDER. We will do this on this board.
(4) The teams will be posted by ME and will stay up on the page -- for two days (48 hours) or until the bidding reaches $100, whichever comes first. Each team will be posted at approximately midnight EST -- and the two day period will give everyone REGARDLESS OF TIME ZONE a chance to make a bid.
(5) Bidding is easy. We will take the top bidder in each thread. Since posts are put at the site automatically, there is no lag time. I expect the bidding to take about a two months, so we need to get started now.
(6) If there is no bid on a team, then it will be placed ON HOLD. All of those teams where there is no bid, will be COUPLED TOGETHER as the final entry. That will be the last bid item.
(7) Bidding starts at $5. I simply don't care to mess around with $1 checks.
(8) After you successfully make a bid and the auction is closed (at the end of the entire auction), you will have 21 days to settle. Settling means mailing me a check for the bid amount (no buyers premium or vig -- so this is legal). Non-US/Canada bidders are kindly requested to send an International Money Order. I will open a seperate bank account for thse funds and I will let everyone know the amount of the PRIZE POOL once the auction is completed. In case something happens to me, I will add Jack's name as the co-signer on the account so funds will be accessible.
(9) We will divide the pool, with 50 percent going to the winner, 25 percent going to the runner-up (2nd), 15 percent going to 3rd place, and 10 percent going to 4th place (Note: There is a consolation match between the runners-up). This is done to INCREASE the chances of surprise teams and make the longshots more attractive to bidders.
(10) If I do not receive your check in 21 days (or receive notice in some way that you intend to pay), your team will be re-entered into the pool and RE-AUCTIONED. Sorry, but I won't do this on a promisary system. I did that in football betting one year and several people burned me. Checks must be received, or you are out.
(11) Once the 48 hours has elapsed, or we reach $100 in bidding -- I will declare a winner. Then, we move on to the next team.
(12) In the event of any dispute, MadJack will serve as arbitrator and judge. His word is final.
We have about 3 months to do all the bidding and gather funds.
Please state any objection now. Thanks to all at the OFF THE WALL forum who helped launch the idea.
Any questions?
-- Nolan Dalla
Starting next Monday, I will post the team name here at this forum and acccept bids. The auction will stay open for 48 hours for each team or until the figure $100 is reached -- whichever comes first. Time zones will not be a problem, since this will be open two full days and everyone will have a chance to select a team. Teams will be auctioned off alphabetically.
Here are some general rules that we agreed upon in advance:
(1) There is a $100 cap on all bidding. Whoever hits the $100 cap automatically wins that team as his pick.
(2) No player may exceed a $100 bankroll. In other words, each player has a $100 salary cap. However, you can bid on more than one team, provided you do not exceed $100 total. Example: You get TEAM G for $65, TEAM P for $25, and TEAM W for $10. You have three teams, and owe $100 to the pool.
(3) All World Cup teams are to be auctioned off IN ALPHABETICAL ORDER. We will do this on this board.
(4) The teams will be posted by ME and will stay up on the page -- for two days (48 hours) or until the bidding reaches $100, whichever comes first. Each team will be posted at approximately midnight EST -- and the two day period will give everyone REGARDLESS OF TIME ZONE a chance to make a bid.
(5) Bidding is easy. We will take the top bidder in each thread. Since posts are put at the site automatically, there is no lag time. I expect the bidding to take about a two months, so we need to get started now.
(6) If there is no bid on a team, then it will be placed ON HOLD. All of those teams where there is no bid, will be COUPLED TOGETHER as the final entry. That will be the last bid item.
(7) Bidding starts at $5. I simply don't care to mess around with $1 checks.
(8) After you successfully make a bid and the auction is closed (at the end of the entire auction), you will have 21 days to settle. Settling means mailing me a check for the bid amount (no buyers premium or vig -- so this is legal). Non-US/Canada bidders are kindly requested to send an International Money Order. I will open a seperate bank account for thse funds and I will let everyone know the amount of the PRIZE POOL once the auction is completed. In case something happens to me, I will add Jack's name as the co-signer on the account so funds will be accessible.
(9) We will divide the pool, with 50 percent going to the winner, 25 percent going to the runner-up (2nd), 15 percent going to 3rd place, and 10 percent going to 4th place (Note: There is a consolation match between the runners-up). This is done to INCREASE the chances of surprise teams and make the longshots more attractive to bidders.
(10) If I do not receive your check in 21 days (or receive notice in some way that you intend to pay), your team will be re-entered into the pool and RE-AUCTIONED. Sorry, but I won't do this on a promisary system. I did that in football betting one year and several people burned me. Checks must be received, or you are out.
(11) Once the 48 hours has elapsed, or we reach $100 in bidding -- I will declare a winner. Then, we move on to the next team.
(12) In the event of any dispute, MadJack will serve as arbitrator and judge. His word is final.
We have about 3 months to do all the bidding and gather funds.
Please state any objection now. Thanks to all at the OFF THE WALL forum who helped launch the idea.
Any questions?
-- Nolan Dalla
