The term denotes a specific type of auction pool commonly associated with golf tournaments, though it can extend to other competitive events. Participants bid on teams or individual players before the competition begins. The highest bidder acquires ownership of that team or player. Winnings are then distributed based on the performance of the purchased team or individual throughout the actual competition. For example, in a golf setting, individuals might bid on specific pairings or golfers they believe will perform well; the payouts are then derived from the golfers final standing.
The attraction lies in the blend of skill assessment and chance. Individuals leverage their knowledge of the competitors to make informed bidding decisions, potentially yielding a significant return on their initial investment if their chosen competitor performs favorably. Historically, this format has added a layer of engagement and excitement to sporting events, fostering a sense of camaraderie and competition amongst participants. It also allows for a more active involvement beyond simply watching the event unfold.
