Your thoughts on raffles?

[Pete_the_Puma]

Just as with all lotteries, raffles all depend on the ODDS and expected value (any one else play poker?).

Example:

- An item is worth 100$ and will be raffled with 20 tickets sold at 10$ each = You are getting screwed. You are paying 10$ for 1/20th of 100$ (5$) and basically loosing 5$ expected value every time you buy one of those tickets. You are relying on luck to win money against the odds (gambling).

- An item is worth 100$ and will be raffled with 9 tickets sold at 10$ each = You are getting good implied odds. You are paying 10$ for 1/9th of 100$ (11$) and basically winning 1$ expected value every time you buy one of these tickets.

You still might not win but understanding the implied odds for any lottery/raffle are the key to making good decisions. With that being said I doubt any online vendor ever offers good odds (also called an overlay) as they would be in effect "loosing" money and so I would stay away from any of those raffles.

 

[Acrofiend]

I’m personally not against them. If people are willing to play then what’s the problem.
Win win for everyone.
I just don’t choose to participate in them.

 

[landlubber]

I didn't have an issue with raffle draws when they were hot but facebook's terms and conditions or local law sure didn't approve and they no longer exist where I'm from. One thing I did notice while they were running, raffles really seemed especially attractive to new reefers looking to designer pieces and it wasn't uncommon for someone to snag an end-game coral that they lacked the equipment or experience in trying to keep.

 

[Brew12]

I will only participate in a raffle if it is for a cause I support. I consider the money a donation and if I win, that is just a bonus.

 

[albano]

I say, report them all your states Attorney General ... then they’ll have to sell everything cheap to pay for attorneys!

:cool:

 

[phil bevilacqua]

I dont care... I have entered a few. One was for a koi tang, slots where 20 bucks. Those were good odds for me to lose $20 or possibly win a very expensive fish. I didn’t win it bus someone I knew dead so that was kind a cool .... on the other hand I entered one on Instagram and one about $3000 worth of stuff… And it wasn’t even a raffle it was a 20,000 follower giveaway that I won just by tagging a few people and making a repost.... I won a tank , lights filters , coral, tester, salt, all of it. It’s literally just like playing the lotto… If you don’t mind losing the money you have a small possibility of actually winning so I don’t really care either way. if people wanna enter it then I can… But they don’t have to so I don’t really see why it matters either way… Just like you’re free to be critical over it, others are free to not be ... freedom! It’s cool. Lol

 

[Elliot Buss]

It's definitely a great way to sell a $200 coral at $500. If I was a vendor I'd be doing it as well.

 

[scchase]

Flat out illegal in Colorado and a good way to get a visit from the Department of Revenue.

 

[lapin]

A raffle is a way to make money for the person holding the raffle. If they dont make money, then they are not very smart.

 

[tdlawdo]

I dont care... I have entered a few. One was for a koi tang, slots where 20 bucks. Those were good odds for me to lose $20 or possibly win a very expensive fish. I didn’t win it bus someone I knew dead so that was kind a cool .... on the other hand I entered one on Instagram and one about $3000 worth of stuff… And it wasn’t even a raffle it was a 20,000 follower giveaway that I won just by tagging a few people and making a repost.... I won a tank , lights filters , coral, tester, salt, all of it. It’s literally just like playing the lotto… If you don’t mind losing the money you have a small possibility of actually winning so I don’t really care either way. if people wanna enter it then I can… But they don’t have to so I don’t really see why it matters either way… Just like you’re free to be critical over it, others are free to not be ... freedom! It’s cool. Lol

I also won a follower give away on IG. ...it was cool

 

[Reefs and Geeks]

I originally thought it was a fun way to get more people involved and excited about a $200 coral frag or a new $800 light that otherwise would not be able to afford. However, It seems that it's taken over and thats all you see anymore. I think they're fine other than that you see less stuff up regular auction style or straight sale. I have yet to participate, but have been tempted.

 

[MnFish1]

I think that raffles are probably illegal in most states unless for charity or approved fundraising

They seem to be.
https://legalbeagle.com/5751573-selling-raffle-tickets-profit-legal.html

 

[MnFish1]

I think there are some people who take advantage of this more than others. I have seen some where they are basically covering cost and making an extra $100. I am fine with this, don’t participate but fine. Then there are certain people I have seen raffling off a frag pack that would probably retail for $2000 and based on how the “tickets” are purchased would end up with $4-5k in sales. These people disgust me and are leaches on this hobby. Not that any of this is technically legal based on my understanding.

Right - I'm surprised that any 'business' would allow it - and I'm surprised if R2R allows it on their site - as they may be liable (do they?)@revhtree

 

[Icylder]

I've seen people do that with used stuff. 20 slots at $10 each for a used AI prime.

They basically got retail for it.

I know EXACTLY who you mean:rolleyes:

What a joke that was.

 

[Icylder]

I say, report them all your states Attorney General ... then they’ll have to sell everything cheap to pay for attorneys!

:cool:

;Writing

 

[ryeguyy84]

I know EXACTLY who you mean:rolleyes:

What a joke that was.

Lol

 

[SKYHIGGh]

I dont care... I have entered a few. One was for a koi tang, slots where 20 bucks. Those were good odds for me to lose $20 or possibly win a very expensive fish. I didn’t win it bus someone I knew dead so that was kind a cool .... on the other hand I entered one on Instagram and one about $3000 worth of stuff… And it wasn’t even a raffle it was a 20,000 follower giveaway that I won just by tagging a few people and making a repost.... I won a tank , lights filters , coral, tester, salt, all of it. It’s literally just like playing the lotto… If you don’t mind losing the money you have a small possibility of actually winning so I don’t really care either way. if people wanna enter it then I can… But they don’t have to so I don’t really see why it matters either way… Just like you’re free to be critical over it, others are free to not be ... freedom! It’s cool. Lol

You did hit the jack pot lol I’m still jealous I just won a Sunkist bounce on a 15 dollar raffle so I’m happy with them

 

[Sierra_Bravo]

I’ve pretty much lost interest in all of the local FB reefer groups because nobody just sells anything anymore. It’s all raffles and auctions.

You and I are probably in the same groups. I don't mind auctions. I think auction pricing is pure market economics and fair.

 

[rkpetersen]

I will only participate in a raffle if it is for a cause I support. I consider the money a donation and if I win, that is just a bonus.

This is the only reason I have ever participated in raffles as well.
Otherwise it's just gambling. And fairly stupid gambling at that. The house wins, one person wins, everyone else loses.

 

[mta_morrow]

I participate in raffles when it’s for a cause I support.

But I am neither for nor against them after that.

Gotta love America and being able to make a buck. Just not my buck!