auction-pool

from The Century Dictionary.

• noun In betting, a pool in which the highest bidder has the first choice, the second, third, etc., choices being then sold, and the remainder, comprising those most unlikely to win, being “bunched” and sold as “the field,” the winner taking the entire pool thus formed.
• noun On shipboard, the number of miles the ship will run next day is assumed, and 10 or 15 above and below this number are subscribed for and drawn. Each number is then put up at auction, and may be bought in by the owner or by any other passenger, half the amount realized being returned to the subscriber for that number. Choice of the highest and lowest numbers is usually sold separately at the end. The holder of the number agreeing with the ship's run next day, or the one nearest to it if it is below or above any number drawn, takes the entire pool.