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Would you pay $20 for a 1 in 10,000 chance to win a BMW M5?

all depends on what value $20 is to you. If that seems like a lot....I'd have to say don't do it, because you'll get a big surprise when you have to pay the taxes 🙂
 
Yes. If I won, I'd sell it and use the money to pay off my bills. An M5 would be nice to have, but the insurance alone would probably be a killer.
 
No. I wouldn't, but how about this:

Start your own raffle. $20 X 10,000 = $200,000

This is enough to buy two M5s (one for you and one for the winner) and pocket a nice chunk of change.
 
Originally posted by: BigSmooth
Thinking of getting into the raffle business? 😕
Click to expand...
Pure profit if he can get 10,000 people to go for it. A M5 can't be more than 100,000, the person running the raffle would net 100,000 before marketing costs.

Isn't this illegal though? I thought the authorities just kind of looked the other way when charities did it because it was "for a good cause". I could be wrong, maybe I'm thinking about something else.
 
way better odds than the lottery 😉

all i'd have to do is pack my own lunch for a few days and there's my $20.
 
Originally posted by: Garet Jax
No. I wouldn't, but how about this:

Start your own raffle. $20 X 10,000 = $200,000

This is enough to buy two M5s (one for you and one for the winner) and pocket a nice chunk of change.
Click to expand...
Wow...I never thought of it that way. What's involved in starting up a raffle? 🙂
 
Are we talking about the new V10 version or the V8? Like it really matters. 😉
And yes I would... I can come up with the taxes one way or another.
 
Originally posted by: jumpr
Originally posted by: Garet Jax
No. I wouldn't, but how about this:

Start your own raffle. $20 X 10,000 = $200,000

This is enough to buy two M5s (one for you and one for the winner) and pocket a nice chunk of change.
Click to expand...
Wow...I never thought of it that way. What's involved in starting up a raffle? 🙂
Click to expand...

Good luck having 10,000 people sign up...
 
Just make sure to state in your rules that the drawing for the lotto will not occur until the minimum number of entries are received.

-MC
 
Originally posted by: jumpr
Originally posted by: Garet Jax
No. I wouldn't, but how about this:

Start your own raffle. $20 X 10,000 = $200,000

This is enough to buy two M5s (one for you and one for the winner) and pocket a nice chunk of change.
Click to expand...
Wow...I never thought of it that way. What's involved in starting up a raffle? 🙂
Click to expand...



I've thought about doing an online raffle website, even came out with a domain name and everything, until I realized that it's illegal in most state, unless you are a non-profit org. since it involve money and taxes, the government will try to shut you down fast or put you in jail, because you are directly competing with their lottery games! So I gave up. I think you can still do it, but you might have to move your operation to some island and never to return to the US. 😉
 
Just to let everyone know, I'm not planning on making a raffle because it is illegal here in California. I was just wondering because my boss bought a ticket for $150 for a chance to win a house in Palos Verdes estimated at 1.6 million. All 16,000 available tickets were sold within days. I was just calculating that the charity would receive about $800K in profits. I'm sure this is for a great cause but I just didn't realize how raffles could generate so much money.
 
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