R Kings and other car raffles

ELM327

They apparently offer the "sell it to the trade" price

bcklschaps

ELM327 wrote: »

They apparently offer the "sell it to the trade" price

Yeah, that sounds about right.

I see one young lad in the winners photos, He's probably 22 or 23yro and he's just won a 2017 BMW X5M a car worth about €60k ... if he is a republic resident he'd be looking down the barrel of €20k in VRT to import it and the running costs would be insane. €500 for a tyre etc.


Probabaly offered him €30k ....and off he goes.

The way to work out best is probably to buy a good few tickets for something less valuable that you might actually want to keep ...thereby increasing the chances of winning and decreasing the chances of having to hand it back at a savage discount.

Also maybe keep an eye on the value of the prize re : the value of the tickets sold...if there's too big a difference ...forget it .. :cool:

TigerTim

bcklschaps wrote: »

Yeah, that sounds about right.

I see one young lad in the winners photos, He's probably 22 or 23yro and he's just won a 2017 BMW X5M a car worth about €60k ... if he is a republic resident he'd be looking down the barrel of €20k in VRT to import it and the running costs would be insane. €500 for a tyre etc.

Did a VRT check on that BMW. Think it worked out about €26K !!.

T.

ELM327

Was it a proper X5M with the V8? I'd love to win that and have to pay only 20k for it!
Then again I'm not the usual target for that line of thought, my current car cost me 50k.

I only enter the competition when there's a low enough number of tickets and it's something I want to keep. EG the ford range wildtrack and jeep cherokee recently.

unhappys10

bcklschaps wrote: »

Yeah, that sounds about right.

I see one young lad in the winners photos, He's probably 22 or 23yro and he's just won a 2017 BMW X5M a car worth about €60k ... if he is a republic resident he'd be looking down the barrel of €20k in VRT to import it and the running costs would be insane. €500 for a tyre etc.


Probabaly offered him €30k ....and off he goes.

The way to work out best is probably to buy a good few tickets for something less valuable that you might actually want to keep ...thereby increasing the chances of winning and decreasing the chances of having to hand it back at a savage discount.

Also maybe keep an eye on the value of the prize re : the value of the tickets sold...if there's too big a difference ...forget it .. :cool:

What?!
Why would you forget it? What has the value of the tickets sold and the value of the prize got to do with it?

The winner paid roughly €30, they couldn't care less what the value of the ticket sales were.

If I won that X5M for €30 and they offered me 30k I would be absolutely delighted with the 1000x return on my investment, there is no savage discount as you put it. I'm up 29,970, I don't care that I could be up 59,970, if they want to hand me 30k for a spin up north and no hassle of trying to sell something then so be it!

No one said you have to keep it, it could be 1,000 a tyre and 50k vrt for all I care. I'd have paid 30 and gotten back 30k.
No one holding a gun to your head telling you to vrt it and drive it for the rest of your day's.

Duke O Smiley

Exactly my thoughts. €30k for a 30 quid investment, why would anyone be complaining? I'd rather take my chances with a raffle like that than with the National Lotto!

TigerTim

I'd be happy enough with that too if they have a buy back policy.€10K would do me. At least I'd be up that for €30.Wouldn't fancy trying to offload something with a 25K VRT bill down my side of the country at the mo.

T.

unhappys10

TigerTim wrote: »

I'd be happy enough with that too if they have a buy back policy.€10K would do me. At least I'd be up that for €30.Wouldn't fancy trying to offload something with a 25K VRT bill down my side of the country at the mo.

T.

My friend won that RS6 a couple of weeks ago, he just went up and they had cash waiting for him if he wanted it, which he did.

sasta le

unhappys10 wrote: »

My friend won that RS6 a couple of weeks ago, he just went up and they had cash waiting for him if he wanted it, which he did.

Hard cold cash or how was he paid

bcklschaps

unhappys10 wrote: »

What?!
Why would you forget it? What has the value of the tickets sold and the value of the prize got to do with it?
.

I think you misunderstood me ... you don't forfeit a winning prize .... (don't be nuts)

You just save your powder and only enter raffles that are the best value (to you)....

unhappys10

bcklschaps wrote: »

I think you misunderstood me ... you don't forfeit a winning prize .... (don't be nuts)

You just save your powder and only enter raffles that are the best value (to you)....

They are all good value to me if it only costs me max €30.

Sasta yeh cash

TigerTim

unhappys10 wrote: »

My friend won that RS6 a couple of weeks ago, he just went up and they had cash waiting for him if he wanted it, which he did.

That's good to know Unhappys10.

Thanks,

T.

sasta le

Interesting they buy them back in hard cold cash.

unhappys10

unhappys10 wrote: »

My friend won that RS6 a couple of weeks ago, he just went up and they had cash waiting for him if he wanted it, which he did.

Was the cash prize much lower than the car value?

unhappys10

[Deleted User] wrote: »

Was the cash prize much lower than the car value?

I'll just say if it was me I would have been pleasantly surprised with the money offered vs the forecourt price of the car.

selectamatic

If you win anything highly sought after/valuable there's generally a rake of people messaging ya offering to buy it immediately after you're announced as the winner.

So selling on a win wouldn't really be an issue either if you didn't want to take any initial offers.

unhappys10

selectamatic wrote: »

If you win anything highly sought after/valuable there's generally a rake of people messaging ya offering to buy it immediately after you're announced as the winner.

So selling on a win wouldn't really be an issue either if you didn't want to take any initial offers.

Yeh even saw some comments of lads offering to buy from the eventual winner before the draw even took place.

Cheensbo

I think there's another 701 coming up very soon, a pair were for sale in NI the other day and both disappeared - Rkings surely bought them, they were strong money too.


I know how much the white st205 GT4 was bought for - I would consider it above market rates - and they still turned good profit on it. What a fantastic business model, I'm very jealous of their operation, plus they get to play with all the toys before they raffle them off :pac:

I wonder how long it can last before a crackdown.

If you look at the terms and conditions, you can enter each competition for free by posting in your application. You often see this in the small print for various competitions and I'm guessing by offering a free entry, the competition legally avoids being classed as gambling.

In RKings case they note that they must receive all written entries at least 48 hours before the draw, but most competitions are only up for 36 hours.

I'm not knocking them, I think it's a good set up and I watched one of the draw videos which would give you comfort.

ELM327

Deleted User wrote: »

I wonder how long it can last before a crackdown.

If you look at the terms and conditions, you can enter each competition for free by posting in your application. You often see this in the small print for various competitions and I'm guessing by offering a free entry, the competition legally avoids being classed as gambling.

In RKings case they note that they must receive all written entries at least 48 hours before the draw, but most competitions are only up for 36 hours.

I'm not knocking them, I think it's a good set up and I watched one of the draw videos which would give you comfort.

Most I see are around 3-5 hours or less.
Not their fault if it sells out imo.

shaveAbullock

Yeah that's just it. It's clear the legislation was written to allow charities to run a raffle not a business.
It's old and does not take the internet into consideration so will eventually be updated but who knows when that will be.

littlevillage

Have read the posts on the entire thread here and had a good read of the R King T&C's.

Whats clear to me is R King are not in the motor business, they are in the gambling business lads....and they are using a loophole in the law (Knowledge question) to operate.

Cars and other prizes are only there to distract punters from accurately working out the prize values in relation to the ticket values and selling odd numbers of tickets like 695 etc. is there to flumox the punters further eg. with regards to working out the odds of winning.

And if R King can buy the 'prize' back off the winner (for a cash discount)...its just the icing on the cake

There's loads of these type of lottery games around the internet. R King has simply focused on the base-ball cap petrol head brigade around the border counties.

Best of luck to all.... Remember, it could be YOU :-)

unhappys10

littlevillage wrote: »

Have read the posts on the entire thread here and had a good read of the R King T&C's.

Whats clear to me is R King are not in the motor business, they are in the gambling business lads....and they are using a loophole in the law (Knowledge question) to operate.

Cars and other prizes are only there to distract punters from accurately working out the prize values in relation to the ticket values and selling odd numbers of tickets like 695 etc. is there to flumox the punters further eg. with regards to working out the odds of winning.

And if R King can buy the 'prize' back off the winner (for a cash discount)...its just the icing on the cake

There's loads of these type of lottery games around the internet. R King has simply focused on the base-ball cap petrol head brigade around the border counties.

Best of luck to all.... Remember, it could be YOU :-)

Absolute drivel...

Gumbo

littlevillage wrote: »

Have read the posts on the entire thread here and had a good read of the R King T&C's.

Whats clear to me is R King are not in the motor business, they are in the gambling business lads....and they are using a loophole in the law (Knowledge question) to operate.

Cars and other prizes are only there to distract punters from accurately working out the prize values in relation to the ticket values and selling odd numbers of tickets like 695 etc. is there to flumox the punters further eg. with regards to working out the odds of winning.

And if R King can buy the 'prize' back off the winner (for a cash discount)...its just the icing on the cake

There's loads of these type of lottery games around the internet. R King has simply focused on the base-ball cap petrol head brigade around the border counties.

Best of luck to all.... Remember, it could be YOU :-)

They offer the trade value of the car if you don’t want it.
That’s the price they can get by reading it back to the motor trade which is less than the retail price which I’m sure even you, a baseball cap wearing person can work out.

I also know
Plenty of suit wearing executives that enter these competitions.
If Soarise spends €20 on cigs it’s ok, but if Johnny spends it entering a comp then he’s a baseball wearing petrol head. Talk about absolute nonsense.

Kevwoody

littlevillage wrote:

There's loads of these type of lottery games around the internet. R King has simply focused on the base-ball cap petrol head brigade around the border counties.

R Kings have winners in every county in Ireland on a regular basis.

TrailerBob

Look, despite the misgivings about VRT liability etc.. it's a good business model, and much more responsible than the Paddy Power /Bet 365 brigade. I'd there's something that takes your fancy, have a go sure.

Northern Monkey

Kevwoody wrote: »

R Kings have winners in every county in Ireland on a regular basis.

Mostly in Cork!

One of the owners of R.Kings posts on another forum I use, he said recently that they would never buy a car back to raffle again. Don’t know if that means they would buy it back to sell to the trade.

Mc Love

Northern Monkey wrote: »

Mostly in Cork!

One of the owners of R.Kings posts on another forum I use, he said recently that they would never buy a car back to raffle again. Don’t know if that means they would buy it back to sell to the trade.

Cork must have loads of petrol head baseball cap wearing louts

Midnight_EG

Northern Monkey wrote: »

Mostly in Cork!

One of the owners of R.Kings posts on another forum I use, he said recently that they would never buy a car back to raffle again. Don’t know if that means they would buy it back to sell to the trade.

Which is very smart, if they were to raffle the same car twice all the begrudgers would shout scam

Gumbo

Mc Love wrote: »

Cork must have loads of petrol head baseball cap wearing louts

Only around the borders