Homecoming 50/50 raffle

[roadwarrior]

Teammakers just announced pot starting at 50,000 for the raffle Oct 1st

[EC8CH]

How? Where is that money coming from already?

[THEsocalledfan]

How? Where is that money coming from already?

EC8CH quickly checks banks statements realizing a fundraiser called him when his BAC was 0.2.....

[EC8CH]

EC8CH quickly checks banks statements realizing a fundraiser called him when his BAC was 0.2.....

Bwahaha! Wouldn't that be some shit.

[Professor Chaos]

Wow... starting at 50k???? Guessing it'll be similar to the USD game last year when the pot went unclaimed from the game before and sales more than doubled I think. 100k+ to the winner on 10/1???

[taper]

https://www.ndlegis.gov/information/...-01.3-05.1.pdf

99-01.3-05.1-03. Prize restrictions and requirements.
1. Prizes must only be cash and must be fifty percent or more of gross proceeds for each single
event raffle. However, a single cash prize may not exceed twenty-five thousand dollars and
the total cash prizes may not exceed twenty-five thousand dollars during a day. Prize payouts
must be based on ticket sales and not on cash retained by sellers. The maximum cash prize
limits of this section do not apply to a public-spirited organization that supports amateur
collegiate athletics. The public-spirited organization's primary purpose must include support of
collegiate athletics.

I'm pretty confident NDSU will sell at least $50k worth of tickets so they'll cover the pot, but it's an interesting legal question if they don't. As I read the law they wouldn't be allowed to award a prize bigger than sales, and the AG office might not be happy at misrepresenting a gambling payout.

[Bisonator98]

Did the pot get claimed at the last game?

[abc123]

https://www.ndlegis.gov/information/...-01.3-05.1.pdf

I'm pretty confident NDSU will sell at least $50k worth of tickets so they'll cover the pot, but it's an interesting legal question if they don't. As I read the law they wouldn't be allowed to award a prize bigger than sales, and the AG office might not be happy at misrepresenting a gambling payout.

In similar situations, I've seen them line up a sponsor that would cover any shortfall in the pot if ticket sales didn't get to that point. But by announcing it early and hyping it up, that usually doesn't end up being an issue.

It would be a different situation if they put $50,000 in the pot and started counting up from there.

[bruinbison]

A source tells me it is Team Maker’s money, ticket sales will add over & above the $50,000 base amount. Interesting investment in advertising & publicity & fundraising!

So not a sponsor or carryover money

[THEsocalledfan]

A source tells me it is Team Maker’s money, ticket sales will add over & above the $50,000 base amount. Interesting investment in advertising & publicity & fundraising!

So not a sponsor or carryover money

So, in essence, they are putting in $25k at risk. So, in essence, they need to sell $50k more than normal (over and above normal sales) to break even from where they would have been for profit. I'm curious if that math would work; count me as skeptical.