HANDICAP (non-rated "for fun") TOURNAMENTS

Has anyone ever developed a “logical and fair” chess Handicap System – that would make a match between any two players (within reason) as near as possible to each player having a “50/50” chance of winning? Think Golf and Bowling … and their Handicaps … … but, more accurately, perhaps think the National Hot Rod Association (NHRA) … where there are over 200 classes of cars grouped in 15 categories … … … outside of the Pro classes, depending on the category, some use a “static” E.T. Index while others use a “dial-in” E.T. (elapsed time) chosen by the driver … … … when two cars of differing classes are matched, the difference between the Index/Dial-In determines how much of a handicap (head start) the slower driver receives … and first across the finish line wins!

I would like to be able to hold a similar chess tournament – difference in the players’ ratings determines the lower rated players advantage – where, for example, a Class “A” player would have as close as possible to a 50/50 chance of beating a Master … … … but, how? Time difference? Higher rated player starts minus a Pawn … or, minus a Bishop … or, even minus a QUEEN?!? Perhaps if the ratings are close there would be “White odds” – lower rated “automatically” plays with White pieces … or, “extra first move odds” … or, whatever would be fair and equitable. But, just what would make a Master and a 1500-rated compete on equal terms? If a Master one minute and the 1500 has two hours, wouldn’t the Master still probably win every time? But … take away pieces and perhaps ___________ … but, which and how many?

Anyone have ideas or advice?

I have the vaguest of recollections about such a tournament somewhere in the NE back in the 1970s. The CL&R article gave the specifics and made a comment that the higher rated players generally still won, but noting that the tournament was won by an A player who successfully digested GM Bisguier’s rook. That gives at least some guidance

Every year our club holds a Turkeys vs. Pilgrims match near Thanksgiving. One or more “legs” or “wings” will be removed from the Turkey (adult) to even up the game with the Pilgrim (child). We do it as a two game non-rated match format rather than as a tournament. A feast of seasonal snacks is provided for the players and spectators. It is a nice party and fundraiser.

Some years back we had the following handicap (by rating difference) for a couple of (non-rated) tournaments:
1-199 lower is white
200-399 lower rated is white, higher rated does not have f-pawn (one expert fell to 1 e4 e5? when making a habitual reply)
400-599 QN odds
600-799 QR odds

The higher rated player still won the majority but it was much more competitive