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Since there's a few threads about raffles...

Topic closed. 4 replies. Last post 6 years ago by Stack47.

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Zeta Reticuli Star System
United States
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January 17, 2006
10352 Posts
Online
Posted: April 8, 2011, 6:34 pm - IP Logged

Why do the lotteries that put on raffles have to lock up 50% of what comes in?

Why not 40% or 25%?

A 500,000 $20 a ticket raffle with 509 winners brings in $10,000,000 and pays out $5,000,000. It's pure gravy for the lottery. Keeping $4 million or $2.5 million isn't enough?

Any thoughts?

Those who run the lotteries love it when players look for consistency in something that's designed not to have any.

Lep

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.

    rdgrnr's avatar - walt
    Way back up in them dadgum hills, son!
    United States
    Member #73904
    April 28, 2009
    14903 Posts
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    Posted: April 8, 2011, 10:26 pm - IP Logged

    Why do the lotteries that put on raffles have to lock up 50% of what comes in?

    Why not 40% or 25%?

    A 500,000 $20 a ticket raffle with 509 winners brings in $10,000,000 and pays out $5,000,000. It's pure gravy for the lottery. Keeping $4 million or $2.5 million isn't enough?

    Any thoughts?

    They're government agencies, which means money is their lifeblood. It's just the nature of the beast. If they could get away with keeping 99% they would do it.

    But they have to deal with the basic principle of 'whatever the market will bear'.

    When the market won't readily bear that 50% holdback they'll adjust accordingly or stop having raffles like TN did.

    Leastways that's what I think.


                                                 
                         
                                             

     

     

     

     

                                                                                                       

    "The only thing necessary for evil to triumph is for good men to do nothing"

                                                                                                --Edmund Burke

     

     

      sully16's avatar - sharan
      Ringleader
      Michigan
      United States
      Member #81740
      October 28, 2009
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      Posted: April 8, 2011, 11:11 pm - IP Logged

      I would like to see more prizes.

      Did you exchange a walk on part in the war ?

      For a lead role in a cage?

       

                                                  From Pink Floyd's " Wish you were here"


        United States
        Member #75358
        June 1, 2009
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        Posted: April 9, 2011, 12:26 am - IP Logged

        Why do the states only pay out 50% of the odds in P-3 and P-4? Simple greed.....

        Just like big games too, why should they be able to tax the JP? They're already making tons of money....

        This is why I strongly prefer playing online. 90% is a much better payout in the P-3 and P-4.

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          Kentucky
          United States
          Member #32652
          February 14, 2006
          7314 Posts
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          Posted: April 10, 2011, 11:25 am - IP Logged

          Why do the lotteries that put on raffles have to lock up 50% of what comes in?

          Why not 40% or 25%?

          A 500,000 $20 a ticket raffle with 509 winners brings in $10,000,000 and pays out $5,000,000. It's pure gravy for the lottery. Keeping $4 million or $2.5 million isn't enough?

          Any thoughts?

          "Why do the lotteries that put on raffles have to lock up 50% of what comes in?"

          Because they view raffles as just another lottery game.

          Many state lotteries are complaining about lower revenues and some are considering leasing their lotteries. They could use raffles as promotional tools giving the players 75% of the raffle income and still make a nice profit. Having that type of raffle 4 times a year would entice players to spend some of their winnings on their other lottery games.