A Melbourne Cup Sweep is a relatively straight forward activity whereas a Melbourne Cup Calcutta is a little more involved. Outlined below is an abridged version of how it works.
To start, the event tickets are sold prior to the draw. The tickets are sold over the weeks leading up to or sold on the night of the Calcutta. In order to avoid delays on the night it is preferable that as many tickets as possible are sold prior to the night of the Calcutta. The Calcutta is usually conducted on the day (night) prior to the running of the Melbourne Cup.
On the night of the Calcutta, it commences with one ticket being drawn for each runner in the Melbourne Cup. For example, if there are 24 runners, then 24 tickets are drawn – regardless of how many people purchase tickets to enter the draw. Should your ticket number be drawn, you ‘own’ that horse ahead of the auction stage.
All proceeds from the ticket draw go into the prize pool. If your ticket is not drawn, never fear – the Calcutta is only just warming up.
Each horse in the race is put up for auction, thus giving every Calcutta attendee the opportunity to bid on a runner. It does not matter if your ticket wasn’t drawn – bidding is open to everybody. Horse owners can bid on any runner, including their own. The highest bidder wins the right to own that horse in the Cup.
Once a horse is auctioned off, half of the sale price goes to the person who drew it in the raffle. The remaining 50 per cent goes into the ever-growing prize pool. This gives a distinct advantage to the horse owner, or gives them something to fall back on if they are unsuccessful.
In the unlikely event that a horse garners no votes, the person who won the horse in the initial draw will take that runner into the Cup.
After the nation stops for the race and it has been run the 3 lucky prize winners are paid. As an example, the first place dividend may be 60%, second 25% and third 15%.
The Canowindra Golf Club will be conducting their Melbourne Cup Calcutta on Monday 31 October 2022 commencing at 6:00 pm. Tickets can be purchased at the golf club during bar trading hours.