Anyone out there know the legality of raffles? I've searched and couldn't really find much info on it, and thought it'd be a cool idea to make a website with raffles. I figure that each bidder would buy a ticket with a random number on it, and at the end of the raffle the person with a number closest to an outside random event, like the last 3 digits of the closing stock market will win whatever's being raffled off.
It'd basically be a win-win situation, as the seller could make more money than on e-Bay or whatever, the winner would spend very little, and those who lost would only lose a little money. I mean, who wouldn't spend $0.50 for a $200 item? And even if they lose, it's only $0.50. It'd be the next e-bay..
So can anyone explain where it's illegal and how to make it legal? I don't see a real scam here really, as I could make the buyer's tickets all public info, and there'd be all these rules/regulations and stuff.
Any feedback?
It'd basically be a win-win situation, as the seller could make more money than on e-Bay or whatever, the winner would spend very little, and those who lost would only lose a little money. I mean, who wouldn't spend $0.50 for a $200 item? And even if they lose, it's only $0.50. It'd be the next e-bay..
So can anyone explain where it's illegal and how to make it legal? I don't see a real scam here really, as I could make the buyer's tickets all public info, and there'd be all these rules/regulations and stuff.
Any feedback?
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