Aircraft raffle question.

EdFred

EdFred

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If you were to enter a $100/ticket raffle to win an airplane, what would be the maximum number of tickets that could be sold before you would say "no, I don't like my odds anymore."

100 tickets?
250 tickets?
500 tickets?
1000 tickets?
2000 tickets?

What if the tickets were $50?
 
I'd probably go as much as 2x the value. So for a $50k plane up to 1,000 tix at $100/ea but may differ based on the charity
 
I paid $50 for my ticket when I won my 150. I think you could also buy 3 for $125. They limited it to 3,000 tickets, so the odds weren't that bad.
 
The sweepstakes that awarded me the Free bird required the use of a cement truck to mix all the tickets.
 
momalley said:
I'd probably go as much as 2x the value. So for a $50k plane up to 1,000 tix at $100/ea but may differ based on the charity
Click to expand...

I'd be in for a $100 ticket or two against a total of 1000.

But what would I do with a Commanche?
 
I would say 1000 tickets max.
 
I would assume that when most people buy a raffle ticket they aren't figuring the odds. They tend to get bought to support who/whatever is doing the raffle.


As a comparison, state / multi state lotteries tend to return well less than 50% of the revenue in prizes.
 
I do not have much experience with this but I would think that you can sell a multiple of tickets at $10 or $25 more than at $50 or $100.

I do not know that you really need to limit the number of tickets at all but you could put that it expects to have odds at 1000 to 1 or whatever without making a promise or commitment.

Do people who by lotto or raffle tickets calculate odds before purchase or do they just feel lucky?

Maybe throw in something that if at least xx,xxx number of tickets are sold you will give 20 hrs of duel instruction with it.
 
My decision wouldn't be based on the # of tickets sold but rather on the charity it was supporting.
 
A bit of a drift, but whenever I see requests for information on raffles, I think of this story:

Sarge saw an ad in the College Station newspaper and bought a mule for $100.

The farmer agreed to deliver the mule the next day.


The next morning the farmer drove up and said, "Sorry, fellers, I have some bad news, the mule died last night."

Sarge: "Well, then just give me my money back.."

Farmer: "Can't do that. I went and spent it already."

Sarge: "OK then, just bring me the dead mule."

Farmer: "What in the world ya'll gonna do with a dead mule?"

Sarge: "I'm gonna raffle him off."

Farmer: "You can't raffle off a dead mule!"

Sarge: "I shore can! Heck, I don't hafta tell nobody he's dead!"


A couple of weeks later, the farmer ran into Sarge at the Co-Op grocery store and asked:

"What'd you ever do with that dead mule?"

Sarge: "I raffled him off like I said I wuz gonna do. I sold 500 tickets fer two dollars apiece and made a profit of $898."

Farmer: "My Lord, didn't anyone complain?"

Sarge: "Well, just one. But since the feller who won got upset, I gave him his two dollars back."​
 
Since I'm assuming we're talking about your 250 Comanche, I'd be in for some tickets. But it's an expected value thing for me: If I value the plane at $50,000 then I'm not going to be willing to pay more than $10 for a ticket if there are 5,000 tickets issued.
 
I think the higher the price the more people look at the odds.
At $50 - 100 I will look at odd and who the money is going to.
At $5-10 I will just buy 1 or 2 and hope.

Problem is at $5 -10 you need to sell alot of tickets.

At $50 - 100 I would say 1, 000 tickets and I would buy 1 or 2.

Question is how long do you want this to take to sell the number of tickets needed?
 
Plus, you're dealing with some legal issues with raffles, and you'll need to be compliant with state law in a number of states if I remember correctly.
 
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