Fun fact: Research shows that most organizations that hold raffle prize drawings don’t know how much money they’ll raise until after the big event. This is problematic, especially if you’ve got a financial target like most nonprofits. So don’t just ask yourself, “What is a good price for raffle tickets?” and take an educated guess. Set yourself up for success with a raffle ticket price that considers all the factors. We’ll show you how.
How Much Should Raffle Tickets Cost?
How you price raffle tickets is directly related to your goals and fundraiser. Below, we break down all the factors contributing to raffle ticket pricing, plus there’s a free, handy raffle ticket formula calculator tool 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 of raffle tickets
- Finalizing raffle ticket price and quantity
- Calculate raffle ticket price
- Calculate 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 profit your organization aims to earn through the raffle. This value should reflect your fundraiser’s ideal net proceeds minus its costs.
Raffle Ticket Costs
Whether you print them yourself, have custom raffle tickets professionally produced, or use double roll tickets, there’s an associated cost. Subsequently, those raffle ticket printing costs should be included in your calculation, even you’re simply buying perforated paper and an ink cartridge. Remember, the look and feel of your raffle tickets affect perceived value.
Pro tip: The look and feel of your raffle tickets affect perceived value. Check out our hundreds of pre-designed, customizable raffle ticket templates. They make getting good quality tickets at a great price easy!
Raffle Prize Costs
To minimize costs here, try to solicit raffle prizes from local businesses and contacts, (here are some great raffle prize ideas!). That said, sometimes you may need to pay for part of the cost of your raffle’s prizes. Be sure to include this in your calculations!
Pro tip: The look and feel of your raffle tickets affect perceived value. Check out our hundreds of pre-designed, customizable raffle ticket templates. They make getting good quality tickets easy at a great price!
Distribution costs include all of the fees related to marketing and selling your raffle tickets. This could be posters that will be printed or even a television or radio advertisement.
Total Expected Raffle Ticket Revenue
Raffle ticket sales revenue is a factor of two things. The first is the number of tickets, and the second is their price. These two variables should match up to your target customer (see Price of Raffle Tickets below!).
Quantity of raffle tickets
Think about how many people are likely to buy them. How many people are in your community? Network? Do you have a team of volunteers to help you sell tickets? Will lots of people want a chance to win your raffle prizes?
Pro tip: Supporters will purchase more than one ticket when there’s a quantity discount. For example, you could sell raffle tickets at $5 each or 5 items for $20.
Price and your customer
Raffle pricing is dependent on the prizes offered and your target demographic. Consider how much the prizes are worth to most of your potential ticket buyers. As an example, selling $100 raffle tickets to college students or $15 raffle tickets for a chance to win an Ishtar DVD might make ticket sales challenging.
Pro tip: Make sure the raffle ticket price is a round number (most people don’t want to pay $3.76!)
Finalizing price and quantity
First, add up all the costs of your raffle prize drawing. So, for example, if you add together $75 for raffle tickets, $500 for prizes, and $50 for additional marketing materials, you’d have a total of $625. Next, add the fundraising goal to that value. In this instance, the goal is to raise $2,000, add to that the $625 in costs, and the total is $2,625.
Calculate the fee of raffle tickets
To ascertain the necessary item price versus the number of 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 (or $3.00).
Calculate the raffle ticket quantity needed
To calculate how many items need to be sold, divide the total amount of 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 tickets. Again, we recommend rounding up!
Ready to dive in and get custom printed tickets for your prize drawing? We’d be honored if you placed your order with Eventgroove! Choose from hundreds of ticket templates, several different colors of roll tickets, or engage our team to create a design from scratch. No matter what, you can expect great prices, excellent quality, and fast turnaround—satisfaction guaranteed.
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