Raffle ticket odds

Let’s say there is a raffle. 200 people buy a raffle ticket for $1 each.

Let’s say right before the end of a raffle you find out that 200 people bought a raffle ticket for $1 each. What if you bought 200 tickets right on the spot? That would put 400 tickets in the raffle, with 200 in your hand. You’d have a 50/50 chance of doubling your money.

But then what if the raffle auction decided that half of the proceeds go to charity, then the $400 prize drops down to $200. You have 200 tickets. Other people have 200 tickets. Now you only have a 50/50 chance of winning your money back. That’s rather silly.

Looks like raffles are fun to participate in when you just buy a couple tickets for the fun chance of getting the huge multiplier prize.

(these were just some thoughts I was having at a recent raffle auction)

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15 years ago

Tickets for $1 sounds ok, even if you’re to lose anyway

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