Hmmm… Recently concluded Champions League T20 tournament was bad for Indian teams…Disappointed, the team-owners have gotten busy with their routine business (actually the businesses that help pump-in cash into these cricket teams!).. However, I have bumped into something exciting in this tournament… Betting..! So far, I didn’t exactly bother to learn the fundamentals here (as if our stock market wasn’t enough)… But as we all know, losing (yeah yeah, I lost some money…) has some advantages too…. Lessons for life… I learned the fundamentals of betting!
So we (my roommate, a bookie in the making (!) and I) stumbled upon an idea… Why not let you guys bet on my performance? Of course, the purpose is to have fun and raise some money for a good cause… This is how it will work…
I have decided to run half marathon in the Standard Chartered Mumbai Marathon 2010. The event is scheduled to be held on 17th January, 2010. And it is 25th October, 2009 today. So, just 75 days to go…!
The rules are listed below:
As of today, in my life, I have never run beyond 10 km in a single go. I clocked a time of 57 minutes today for a 10 km jog. I have been practicing over the last 7-8 months. I am pledging (betting!) Rs.5,000 today on my targeted performance i.e. Completion of the half marathon (21 km) within 2 hours 10 minutes (130 minutes)
I am inviting you guys to pledge (bet!) in favour of / against my performance. Yeah, you got it right…! If you believe in my grit and determination, you bet on my successful finishing within 130 minutes ;)
Let me explain how this is going to work.. Take an example. To start with, I have bet Rs.5,000 (this is for real, I AM pledging Rs.5,000) on my own performance. Now, there’s my friend, Harshal, who feels I am overestimating myself, bets Rs.2,000 against my performance. So, at this stage, the odds are in my favour at 2/5.
Hence, Harshal at this stage is making Rs.5,000 on his investment of Rs.2,000. However, his returns would change based on new bets.
However, over a period of time, if more people believe that I won’t make it within the time, and they bet against me. Let’s say, Rs.20,000. At this stage, the odds are against me at 5/20
At this stage, Harshal’s return on his investment of Rs.2,000 will fetch him only Rs.500. You can time your investment based on good returns.
Now, get ready for some complications….!
The Charity Element
Whichever side wins…The people on that side have to donate half of their winnings to charity / a noble cause (Standard Chartered announces list of registered charities). So, though your returns shrink a bit, note that the reduction is going to make a real difference to somebody’s life…As the money will be for real.
In any of my practice sessions, if I beat this time (130 minutes), the challenge will revise to the new time.
Minimum bet is Rs.1,000.
I will publish the updated odds on the comments section of this blog based of the frequency of commitments.
http://my-marathon-moments.blogspot.com/2009/11/make-some-money-while-i-run.html#comments.
I will include the latest position in odds calculations on a firm commitment from your side. However, requesting you to please make only those commitments which you can honour (This is for REAL, the Charity is for REAL)… I am actually doing this for raising money for charity, the fun element is just to invite more people and raise more money.
I will strive to finish the race within the committed timing. I hope you get the rules, folks…If you still don’t, call me to understand.
So all in all, more the number of people joining, more the money for a good cause…So, lift up your spirits and loosen your purse strings, as I pull my socks for this event…! You never know, you might just end up making a killing. If not, you should be satisfied, that half of your loss is going for a good cause..!
Just for the facts: The men’s world record for full marathon is a timing of 2:03:59 clocked by Haile Gebrselassie (Ethiopia) on September 28, 2008 at the Berlin marathon (Source: Wikipedia -
http://en.wikipedia.org/wiki/Marathon_world_record_progression).
Whereas, men’s world record for half marathon is a timing of 58:33 clocked by Samuel Wanjiru (Kenya) on March 17, 2007 at Hague, Netherlands. However, you have to take an informed decision based on these superhuman performances by the world-class athletes, your understanding of my capabilities and of course, some amount for a good cause…!
Go ahead... laugh your way to the bank.... While running, of course!! :)
