This is your chance to own a horse in the Melbourne Cup! Come along on Sunday afternoon October 30th from 1.30pm. Not sure how a Melbourne cup works heres a bit of an idea.
The Melbourne Cup Calcutta and how it works:
The Calcutta is held on the Sunday afternoon before the Melbourne Cup.
Raffle tickets are pre-sold so that people have the chance of drawing a horse and becoming a temporary owner. You can buy tickets from behind the bar just ask one of our bar staff.
On the day, all the raffle tickets purchased are put in a barrel and the Melbourne Cup horses in another barrel. If your name is drawn out you become the temporary owner of the horse that is drawn out of the other barrel at the same time.
All horses are then up for auction.
The temporary owner will get half of what is bid for the horse, the remainder going into a prize pool (which also includes the money from the calcutta tickets sold). So if you drew a horse and it was auctioned for $100, you receive $50 as temporary owner. Of course, you can bid for your own horse knowing that you are only paying half the price!!
The prize pool grows as the horses are auctioned off.
After the last horse is auctioned, the prize pool is worked out, with a certain percentage for 1st, 2nd, 3rd and last.
Temporary owners quickly realise that if they bid for their own horse they are really only paying half the cost as half will be paid back to them as temporary owners. A great way to buy a horse in the Melbourne Cup!