Bozeman American Legion to Hold March Madness Calcutta
It's always tough to come up with a new way to hold a fundraiser, but the Bozeman American Legion have knocked their next fundraiser out of the park! How's that for a baseball reference? Here's what they're doing:
On Monday, March 12th, the Bozeman American Legion will hold a March Madness Calcutta at the American Legion on East Main Street. The Bozeman American Legion Baseball program will receive 20% of the total proceeds collected, with the remaining 80% of the proceeds collected to be used as payouts to the winner(s). Format Individuals or funds buy 100% ownership rights to teams in an un-capped auction format with these “investments” returning a certain percentage of the total pot.
Here's how it works:
The payouts percentages are determined by how far teams progress in the tournament. Every team from the Men’s NCAA 2017 basketball tournament (aka: March Madness) is put up for auction in random order. Teams that are seeded 13-16 in each region will be combined as one team. The highest bidder gets ownership rights of that team. Teams will be randomly selected to be auctioned off. There is no limit to the number of teams an individual or fund can purchase.
As teams are auctioned, the winning bidder commits the corresponding amount of money into the pot. Each person/fund name shall be recorded on the bracket beside each team that they successfully bid on. Payout Structure The payouts are structured so that every winning team receives a portion of the prize pool. In our payout structure below, regardless of the total in the pot, teams that win ONLY one game would split .50% of the total pool, teams that win ONLY 2 games will split 1.75% and so on. All teams that win at least one game are guaranteed a payout. .50% for exactly 1 win (16 teams) 1.75% for exactly 2 wins (8 teams) 4.25% for exactly 3 wins (4 teams) 12% for exactly 4 wins (Final Four losers — 2 teams) 15% for exactly 5 wins (National runner-up — 1 team) 22% for exactly 6 wins (National Champion — 1 team)
Registration will begin at 6:30 p.m. on March 12th. Auction begins at 7 p.m. For more info contact Garrett Schultz at 406.570.3676