If you’re hosting a large fundraising event or looking to run a number of activities over a long duration then bolting a 50/50 raffle on is a great way to get some additional money in the bank.
You wouldn’t necessarily host a 50/50 raffle as a stand alone event, it would be over rather quickly. However, if you have an opportunity to raise some additional funds with a generous crowd, then this is the perfect opportunity.
50/50 raffle tickets are a great way to raise funds, just make sure you have some great raffle prizes to be won.
See our feature page if you’re looking for help or service to run your online prize draw.
What is a 50/50 raffle?
Just like with most raffles, tickets are sold at a predetermined cost. This can be something small like $5 to help encourage people purchase tickets as multiples or if you know your audience is fairly wealthy and generous, you might boost this to $50. That is a good thing to think about, your ticket seller is important as they know what people might want to win or how many raffle tickets they are likely to purchase.
For each ticket sold, a corresponding number is attached to the ticket. This number relates directly to the person who bought it. It will help you determine who won the raffle so it’s important to keep thorough records of what number belongs to which guest.
Once all the ticket numbers are sold or you’ve sold as many as you can, you pop them all into a pot. Again, like with any other raffle, a number is then drawn from the pot and a winner is declared. Unlike most raffles, the person doesn’t win a weekend getaway or a wine gift basket, they win half the ticket sales.
This is why boosting the ticket price isn’t a deterrent for those who have an extra bit of cash. The more tickets you buy, the higher your chance of winning and the more cash up for grabs.
As we said previously, the whole thing can be over fairly quickly. So bolt this on as an addition to a big fundraising event, something like a silent auction would be ideal.
Are 50/50 raffles held online or offline?
The good thing about a 50/50 raffle is that like all traditional raffles, they’re incredibly versatile in how they can be held. You can choose to hold these events in person or online. Of course there are pros and cons to both depending on your situation so we’ve laid them out below for you.
Why you should hold a 50/50 raffle offline
If you’re hosting a large scale fundraising event in person or at a home sports game, it would make a lot of sense to host the 50/50 raffle in person too. Research shows that people who are attending an event in person tend to be more charitable with their money. After all, it’s just as easy to spend a bit of cash that you already have in your pocket as it is to enter your card details online.
Why you should hold a 50/50 raffle online
On the other hand, an electronic or online 50/50 raffle is incredibly accessible and can remove all issues with human error, especially when you choose the right vendor. Electronic 50/50 raffles allow you to sell more tickets over a period of time and give you the power to sell them after an event occurs. It means that if somebody wanted to take part at your fundraising event but was strapped for cash, they wouldn’t have to run to an ATM. They can enter into the 50/50 raffle the day after or even a week if you wanted to. The window of opportunity to increase funds grows exponentially when you move to an online platform. Just make sure everyone is aware of the date of the draw.
Are 50/50 raffles a good way of fundraising?
When it comes to raising money, 50/50 raffles are one of the fastest and most efficient ways of doing so. They require little admin and have minimal up front costs depending on whether you host the raffle online or offline. As far as return on investment (ROI) goes, 50/50 raffles are up there with some of the most profitable events.
Unlike other fundraising events, 50/50 raffles are incredibly appealing to donors. You might think that this is down to the cost of tickets, when in fact, it’s due to the ease of taking part. There isn’t an event to keep track of, rules to consider, bidding cards to present, you pay for your ticket and if you get contacted, you’re a winner! It’s simple, quick and easy to take part in.
If you’re wondering if your 50/50 raffle will entice enough people then remember you don’t need to give the prize pot to just one person. You could pull a ticket for the top prize and then have a series of smaller cash prizes up for grabs. It gives more people the chance to win some money and will help boost ticket sales. Just make sure the total pot of prizes is 50%, no more or less.
There you go, everything you need to know about what a 50/50 raffle is and why you should host one, no matter if you intend to do it in person or online. Don’t miss an opportunity to raise some extra funds.
Running your fundraiser with Givergy
Givergy gives you the perfect tools to successfully run your fundraising events. It doesn’t matter if you’re running a live fundraising event, a virtual gala or any online fundraising campaign, we have the platform for you.
Our prize draw feature will be perfect to help run your 50/50 raffle, you don’t have to worry about payment processing as we have that covered, plus you could also gain extra donations via our pledging tool.
Jordan joined Givergy after studying Politics with International Relations at the University of York. He has over two years experience within the charity sector working as a face-to-face fundraiser and as a constituency campaigner. After experiencing the sector from within and knowing first-hand the impact digital solutions can make to fundraising strategies, Jordan is now dedicated to innovating the way charities fundraise to ensure they maximise returns from every fundraising campaign.