Did you know that many organisations that hold raffle drawings don’t know how much money they’ll raise until after their charity event? While knowing the exact amount in advance isn’t possible (unless you’re good with a crystal ball), you’ll need an informed idea of how much you expect to net. Without that, your raffle may not even come within shouting distance of your fundraising goal. So, how do you price raffle tickets? We’ll show you how.
How Much Should Raffle Tickets Cost?
Your fundraising event’s goals are directly related to your raffle ticket fee. Below, we break down all the factors contributing to raffle ticket pricing, plus there’s a free, handy raffle ticket price calculator you can use! (Click each category to jump.)
- Fundraising Goal
- Raffle Ticket Costs
- Raffle Prize Costs
- Raffle Ticket Distribution Costs
- Total Expected Raffle Ticket Revenue
- Number of Raffle Tickets
- Price and Your Customer
- Finalising Raffle Ticket Price and Quantity
- Calculating Raffle Ticket Price
- Calculating Raffle Ticket Quantity
Additionally, our raffle ticket calculator is really helpful:
How to Price Raffle Tickets
First things first, it’s essential to know how much money your organisation aims to raise. This value is your fundraiser’s ideal net proceeds minus its costs.
Whether you print them yourself, have custom raffle tickets professionally produced, or use roll tickets, fees will be incurred. So, even if you’re planning to buy perforated paper and an ink cartridge to print them yourself, remember to factor that into raffle ticket printing costs!
Pro tip: The look and feel of your raffle tickets affect perceived value. Check out our wide range of raffle ticket templates—they make getting great, quality tickets at a great price easy!
To minimise spending, try to solicit raffle prizes from local businesses and contacts (here are some excellent raffle prize ideas!). That said, sometimes you may need to pay part of the cost of your raffle’s amazing prizes, so be sure to include this in your calculations.
Raffle Ticket Distribution costs
Distribution costs include all of the fees related to marketing and selling your raffle tickets. This could consist of printed raffle posters or even a television or radio advertisement.
Total Expected Raffle Ticket Revenue
Sales revenue is a factor of two things—first is the number of tickets, the second is the price. These two variables should match up to your target customer.
Number of Raffle Tickets
Think about how many people are likely to buy raffle tickets. How many people are in your community or network? Do you have a team of ticket sellers, or are you on your own? Will lots of people want a chance to win your grand prize?
Pro tip: Supporters will purchase multiple tickets when there’s a quantity discount. For example, you could sell raffle tickets for $5 each or five for $20.
Price and Your Customer
Figuring out a reasonable raffle ticket price is dependent on the prizes offered and your target demographic. First, consider how much the prizes are worth to most of your potential ticket buyers. As an example, selling $100 raffle tickets to university students or £15 raffle tickets for a chance to win an Ishtar DVD might make ticket sales challenging.
Pro tip: Make sure your ticket price is a round number (most people don’t want to pay $3.76!)
Finalising Price and Quantity
First, add up all the prize drawing costs. For example, if you add together $75 for raffle tickets, $500 for prizes, and $50 for additional marketing materials, you’d have $625. Next, add the fundraising goal to that value. In this instance, the goal is to raise $2,000, so the total is $2,625.
Calculating Raffle Ticket Price
To ascertain the necessary item price versus potential ticket sales, divide the total revenue by the number of tickets. So, if we use the above example and estimate that selling 1,000 raffle tickets is viable, each one should cost $2.63 (you can round up to $3.00).
Calculating the Raffle Ticket Quantity Needed
To figure this out, you must divide the total revenue by the ticket price. In our example, if we wanted to sell each ticket for $3, we would need to sell $2,625/$3 = 875 raffle tickets. Again, we recommend rounding up!
Ready to dive in and get tickets for your prize drawing? We’d be honored if you placed your order for custom raffle tickets with Eventgroove (formerly TicketRiver). Choose from hundreds of raffle ticket templates or engage our team to create a design from scratch. You can expect great prices, excellent quality, and a fast turnaround no matter what. Plus, we want you, our customers, to be happy, so much so that we offer an order satisfaction guarantee.
P.S. Want to host an online raffle in Australia? Create a raffle website for your charity benefit with Eventgroove! Our online fundraising platform enables you to sell raffle tickets online, share your fundraiser on social networks, and more.
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