Auction - A new take at a Quiz Round

Auction is a quiz round which I recently conducted as the Quiz Master at my school's quiz. I believe it is an interesting round and is quite easy to organize too. 
While most of the specifics regarding no. of questions, time, points etc can be modified per the quiz master's choice, this was the model I used - 

The Auction Round consists of 12 Questions, all on the buzzer. Each individual would start with 100 points, as their “Auction Money”. The question will be shown on the screen and the quiz master will read it out, if any participant is sure they know the answer they may buzz in even before the quiz master has completed speaking. The first one to buzz(X1) in would have to bet any amount of money he wishes (1). This money is deducted from his purse and put into "The Pot". Whatever this amount may be has to be matched by all other players(2) If the answer is correct, then the participant to buzz in gets all the points from the pot, if not all other participants get an equal share from the pot. This model continues till the set of questions are not over.

(1) - The betting cap is at half of the amount of money which the participant has in his/her purse. (If A has a 100 points, he/she may bet only 50 at most)

(2) - If Player A has bet 100 points, then all other players (B-F) would have to put 20 points in the pot. 20*5 players becomes a 100 points which is equivalent to the original bet.

(3) - In case a player is bankrupt(has no points left) he/she will not be able to further participate in the round. '

(X1) -If the quiz master so wishes, he/she may change the rule to let everyone bid, and the one with the highest bid gets to attempt the question. In case of a tie in bids, the one to buzz first shall proceed ahead.