Would something like this work in reality?
32 teams in World Cup, and you can pick your own team, with the winner taking the full pot.
The person who makes the highest bid for each team wins that selection.
Player A seeds it initially by saying he places €1 on say Spain, France, Argentina, Italy, England Holland and Germany.
With €7 in the pot, Player B sees Brazil at an attractive price and bids €1.
With €8 in the pot now, someone now sees there is no bid for Portugal and bids 50c.
This extra money in the pot increases the value of Spain so someone increases the Spain bid to €1.50.
As the pot reaches €20 then teams like Portugal / Ivory Coast etc become worth an initial bid, eventually the pot gets big enough so that the rags are worth €1 as well.
And each bid for an outsider increases the overall value of the pot so as to continually make it worthwhile to make a bigger bid for the favourites.
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I'm not suggesting we do this - I'm just wondering how it would work out in practice amongst people who understand odds, does it turn into a giant pyramid scheme, or does it nit up and stop on the first occasion that there is no perceived edge on the odds.
Main problem I see would be escrow - you would need to know that the 32 top bids (one for each team) at any time are genuine bids.
32 teams in World Cup, and you can pick your own team, with the winner taking the full pot.
The person who makes the highest bid for each team wins that selection.
Player A seeds it initially by saying he places €1 on say Spain, France, Argentina, Italy, England Holland and Germany.
With €7 in the pot, Player B sees Brazil at an attractive price and bids €1.
With €8 in the pot now, someone now sees there is no bid for Portugal and bids 50c.
This extra money in the pot increases the value of Spain so someone increases the Spain bid to €1.50.
As the pot reaches €20 then teams like Portugal / Ivory Coast etc become worth an initial bid, eventually the pot gets big enough so that the rags are worth €1 as well.
And each bid for an outsider increases the overall value of the pot so as to continually make it worthwhile to make a bigger bid for the favourites.
******
I'm not suggesting we do this - I'm just wondering how it would work out in practice amongst people who understand odds, does it turn into a giant pyramid scheme, or does it nit up and stop on the first occasion that there is no perceived edge on the odds.
Main problem I see would be escrow - you would need to know that the 32 top bids (one for each team) at any time are genuine bids.
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