Calcutta wager
n.—Gloss: a form of gambling on a sporting event involving multiple contestants in which each contestant’s name is auctioned off to observers. At the end of the event, the high bidder for a winning contestant’s name receives a percentage of the total amount taken in by the auction. Note: Also known as the “Calcutta auction” or just a “Calcutta,” this gambling is regulated by American law but has been associated with golf, billiards, and other sports. «This is not for fishing, mind you, but for guessing which of the actual anglers in the competitions will place highest, and in what order. It is suspiciously like what is known as the “Calcutta” wager in saltwater fishing tournaments, except for one important difference, which makes Fantasy Fishing legal, while Calcutta’s are not; there is no entry fee and no bet is required.» —“What’s Next? Fantasy Fishing Will Reel You In” by Frank Sargeant TBO.com (Tampa Bay, Florida) Dec. 19, 2007. (source: Double-Tongued Dictionary)
Further reading
The expression to go chalk has to do with rankings in an athletic tournament and harks back to when seeded teams or players were listed on a chalkboard. To pick chalk means to choose one’s favorite competitor, and you can also speak of a chalk...
The expression to run the traps means “to perform due diligence” or “solicit a wide variety of opinions” or “investigate every angle thoroughly.” This metaphor derives from the literal sense of running the traps, which refers to hunting and fishing...