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Playoff Brackets and wagering

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I've always heard people talking about their playoff predictions and they join a pool, everyone makes their predictions and puts money on it. The more you get right, the more money you get. What is this system called? People always do it for basketball and football. I've never heard of anyone doing it for hockey.

What is it called and can I do it online? I want to get in on some of this... even if there is something you can do online without using actual money, just for fun. Anyone know of anything like this?

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Me and a group of friends from my sword fighting group do a pool every year, everyone brings a 6-pack to nationals and the winner gets everything.

We do a point system, 1 point for predicting the winner of the series correctly and 1 point for predicting the correct number of games.

For the finals, we amped it up to 2 points for picking the right number of games, and you could bet however many points you had accrued onto your final total. So if I went into the finals with 10 points, I could bet up to 10 points that Boston would beat Vancouver. If they won, I got the points for picking the right team AND 10 more points.

I think there's a sticky thread on here called Playoff Picks - I think it's similar.

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