The 50/50 online charitable raffles are one of the most fun and easy fundraisers to organize, set up, and run. When done right, they can lead to great results in terms of donor engagement and financial returns.
The conventional practice of running a charity raffle involves identifying and purchasing an attractive prize and often requires months of planning and pricey promotions. On the other hand, virtual 50/50 raffles have minimal upfront costs and require very little planning and effort. The prize or pot is funded through ticket sales and winnings are cash prizes that simplify the entire process.
In this article, we will shed light on the four things you should know as you plan a successful 50/50 fundraising campaign for your charity or nonprofit.
What are online charitable gaming fundraisers?
Online charitable gaming fundraisers are attractive and high-engagement virtual events that give donors a chance to win exciting prizes by gamifying the fundraising process. The post-COVID-19 world has seen the rise of online charitable events or virtual fundraisers especially because physical events are not as viable anymore.
According to a study by OneCause, around 62% of nonprofits that opted for online fundraisers are better positioned to raise equal to or higher than their fundraising goals. There are various kinds of charitable gaming fundraisers; 50/50, Catch the Ace, and Sweepstakes are the most common.
In this article, we will dive deeper into understanding what 50/50 raffles are and how they work.
What is an online 50/50 raffle?
An online 50/50 raffle is a fun and effective fundraising program known to drive major profits. It is a fundraising concept that is similar to a normal raffle but instead of a pre-decided prize, the nonprofit or charity equally splits the total amount collected from the sale of tickets with the winner.
An online 50/50 program also allows charities and nonprofits to reach new audiences with their message and grow their donor base. But the benefits don’t stop there. 50/50 raffles also offer a great opportunity to measure and optimize all aspects of an ongoing fundraising campaign. Above all, thanks to its life-changing cash prizes, it attracts great participation.
How does a 50/50 raffle work?
A 50/50 charity raffle is funded via ticket sales. Winners are selected via a random draw. Organizations that see the maximum success with this method are those that typically repeat the draw every month. This helps build the momentum of the campaign and also grows the prize pot into a larger amount.
How is the prize split?
As the name suggests, a 50/50 charitable raffle ‘pot’ or ‘prize pool’ is split 50-50 between the winner and the organization. Earmarking the proceeds for a special event is bound to generate more interest and encourage greater participation. One of the key tips to having a super successful 50/50 charitable raffle is to keep announcing the ongoing sales and the amount of the growing pot to your audience as well the prize amount as this encourages more people to participate.