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Successful Raffles - Part 5 for 2019


When offering a large prize such as a car or major cash award, be sure that the raffle ticket sales will cover the cost of the prize plus the funding that you are trying to achieve. A large prize will definitely attract attention but will it support a raffle ticket price of $50 or $100 or higher? Will your prospective ticket buyers want to spend $100 on a raffle ticket or would you be better off selling 4 times as many tickets at only $25 each. Consider a stop loss on your raffle such as canceling the raffle and returning sold raffle tickets to the buyers if a certain level of sales is not achieved or perhaps linking a cash prize to the amount of raffle tickets sold. The terms and prizes of your fund raising efforts are up to your organization and you can be as creative as you would like—just be sure to check the legality of your offer in you area with your attorney.

 

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