CFO
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The field of 64 is set (the play-in game doesn't count  ) for the NCAA College Basketball tournament, also known as March Madness. I don't want to get into a complete bracket competition, but I've made up an abbreviated version that might be fun. The cost to enter is e$1000 per share. You can purchase up to 10 shares, no more, so your maximum entry fee is e$10,000. Note that I said shares not squares, this isn't a football-style pool. I'll explain the rules. All of the entry fees will go into the total prize pot for the game. The more people that enter, and the more shares that are sold, the bigger the pot will be.
To enter, simply pick one team from each bracket to make the final four, then pick the final two and the eventual national champion. So as an example, if you picked each of the #1 seeds, you would send me Florida, Kansas, North Carolina, and Ohio State as your four teams. Each correct final four pick is worth 10% of the pot. So if you pick all four correct, your will share in at least 40% of the pot.
Next you pick the two teams that you think will be in the championship game. For example you might select Florida and North Carolina. Each correct team in the final game is worth 15% of the pot. If you're doing the math, that's 10% for each correct final four pick + 15% for each final two pick for a maximum match of 70% so far.
The final 30% of the pot is for picking the correct national champion.
If nobody picks the national champion, then the 30% of the pot is redistributed equally among the rest of the picks. If someone picks the correct national champion they win 55% of the pot (10% for the correct final four entry, 15% for final two, 30% for champion = 55% total).
What are the shares for? To increase your share of the winnings in case there are multiple winners.  Let's suppose that two people each pick the correct national champion, but one person bought 1 share and the other bought 4 shares. If the final pot is e$50,000, then the payout would be 30% of that or e$15,000. Since there are 5 shares for the winners, each share is worth e$3,000. The person with one share gets e$3,000 while the other gets e$12,000. That would be on an initial investment of e$1,000 per share.
If you get one of four picks for the final four correct but you purchased four shares, and someone else gets all four picks correct, then you split the pot. 1 pick * four shares = four picks * 1 share. Remember that the final four picks are worth 40% of the total pot. That 40% is divided by the number of correct picks * the shares purchased to get the per share payout. So you can win more by having more correct picks, or by purchasing more shares, or both.
Same for the final two.
Hopefully this makes sense, and sounds fun.  Deadline for getting picks in (via PM please, to keep picks and number of shares private) is Noon, Eastern Time, March 15, which is before any of the games (other than the play-in game) start.
To enter, use the "Donate" button under my name to the left of this post. In the donate screen, enter e$1000 for each share you want to purchase up to e$10,000 maximum. In the message box, enter your four picks for the final four, your two picks for the championship game, and your pick for the final championship winner. You can copy the following format and paste in your teams if you want. Here is a link to the brackets on Yahoo if you want to review the teams. You're responsible for putting the teams in the right bracket. 
Final Four
Midwest:
West:
East:
South:
Final Two:
Midwest/West Winner:
East/South Winner:
Champion:
Number of Shares: (number from 1 - 10)
Feel free to use this topic to talk smack about your picks.  I personally think Florida is going to make it to the final four again this year, so they're going to be at least one of my picks. The tough part is picking the "braket buster" like George Mason was last year.
I would like to get at least 50 shares sold (total pot e$50,000). If we don't get at least 20 shares I'll cancel the game and refund everyone's share purchases. |
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