Buying a ticket to win a house

Chuzzle7

Would you buy a ticket worth 100euro with 8000 tickets being sold for a chance to win a house?

Does anybody know anyone who won a big prize like this?

matchthis

I’d buy 7999 tickets and still not win

dockysher

My nephew recently won a x5 2019 bmw Jeep and 20 grand sterling in similar type of them raffles.
Was through rkings in UK.
That ticket cost 20 sterling, they run a few draws ever week.

GhostyMcGhost

Chuzzle7 wrote: »

Would you buy a ticket worth 100euro with 8000 tickets being sold for a chance to win a house?

Does anybody know anyone who won a big prize like this?

8000 x €100 is 800k. Let’s say for example the house is €400k, the organisers would get the the other half

A GAA club fund raising or some other good cause etc side I’d buy one for local support

If it’s some random lad trying to sell a phone, car or a gaff etc trying to take in a few extra quid on the sale, fook that, not having that

Strumms

It’s a pretty nifty gimmick.

Up to 800,000 in revenue....

House might cost 250,000

Associated costs for the period of the draw... 30,000 say.

Ballpark 520,000 profit on the draw ?

It’s a good deal better odds than the lottery.

Mr.Sir

Be better off buying €100 of cement.

Chuzzle7

Mr.Sir wrote: »

Be better off buying €100 of cement.

What will I do with €100 worth of cement? I can't afford the blocks, or the land to build a house.

rn

Roscommon GAA ran this type of draw two years in a row. Made over the million. There's a lot of people out there that'll chance 100 euro.

Mr.Sir

Chuzzle7 wrote: »

What will I do with €100 worth of cement? I can't afford the blocks, or the land to build a house.

Did you ever hear of a thing called work and save?

Mr.Sir

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

He’s going to save a lot of concrete?

For the future concrete shortage I assume.

LawBoy2018

What are the tax implications of these raffles?

Why not?!
I had a ticket to win a house, didn't win the house but won an early draw, 2 nights B&B and one evening meal in a five star hotel.
Great win

LawBoy2018

LawBoy2018 wrote: »

What are the tax implications of these raffles?

Dunno. If they are legal lotteries then no tax I assume.

LawBoy2018

fvp4 wrote: »

Dunno. If they are legal lotteries then no tax I assume.

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

Mr.Sir

fvp4 wrote: »

He’s going to save a lot of concrete?

For the future concrete shortage I assume.

He needs to change payment method if it’s concrete it his payment.

lintdrummer

Strumms wrote: »

It’s a pretty nifty gimmick.

Up to 800,000 in revenue....

House might cost 250,000

Associated costs for the period of the draw... 30,000 say.

Ballpark 520,000 profit on the draw ?

You're way off. First off we don't know the cost of the house but if it's a new build and it's anywhere near Dublin it's going to be closer to €500k.

Secondly the payment providers take a decent chunk of the revenue. Probably around 5%. So that would be €40k in this example.

Lastly selling 8000 tickets @ €100 a pop would be hard work and would need a lot of advertising. You could easily be looking at €30k for advertising and that would be on the low end.

Possibility that there's a donation to charity involved as well.

I ran a raffle website during lockdown as a bit of a project and even though it was reasonably successful I didn't make any money out of it. Costs are massive and you're competing with some well established sites with huge followings. Had to stop it as the laws were changed around Christmas and I wasn't invested enough to go about ensuring compliance.

Also I was driven demented by braindead posts like the above on my social media that ignore all the costs (advertising, web hosting, virtual office rent, PayPal fees etc.) and shout about how it's a scam and anyone running these raffles is creaming it in.

Chuzzle7

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

Ah yeah, what ordinary folks do and still can't afford a house.

Xander10

LawBoy2018 wrote: »

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

Depends on status of owner who is selling / raffling it

Mr.Sir

Mr.Sir wrote: »

He needs to change payment method if it’s concrete it his payment.

Dude. You suggested concrete.

Mr.Sir

fvp4 wrote: »

Dude. You suggested concrete.

Dude, did I suggest he was getting wages paid via concrete product?

WoollyRedHat

Mr.Sir wrote: »

Did you ever hear of a thing called work and save?

Buying cement is dead money.

LawBoy2018

LawBoy2018 wrote: »

They're just random raffles so they don't come within the lottery win exemption.

Does the person selling the house pay CGT? Are there VAT implications?

Does the person who wins pay CAT?

Does the winner pay stamp duty?

Would love to find out.

You assumption that the house lotteries aren’t authorised is probably false. You just assumed that and ran with it.
Since GAA clubs have fun lotteries it’s probably above board.

Ninthlife

Winnings from lotteries, betting etc are exempt from Capital Acquisitions Tax

But

I think if you won the house and sold it next day you would be liable for Capital Gains Tax @33%. Cost you purchased the house at would be 100eur vs sale price so a fair chunk in CGT.

There is the whole Principal Private Residence but its too late in the night to start thinking about that

Ninthlife

Ninthlife wrote: »

Winnings from lotteries, betting etc are exempt from Capital Acquisitions Tax

But

I think if you won the house and sold it next day you would be liable for Capital Gains Tax @33%. Cost you purchased the house at would be 100eur vs sale price so a fair chunk in CGT.

Right. Which is what most people would do, except locals.

Mr.Sir

Mr.Sir wrote: »

Dude, did I suggest he was getting wages paid via concrete product?

No. Nobody did. You told him to save and buy concrete with the 100€. That’s what we are discussing.

Ninthlife

[Deleted User] wrote: »

Right. Which is what most people would do, except locals.

Would many non locals buy a ticket for a house in Roscommon from a GAA club..maybe GAAers would come to think of it

You may also no longer be considered a 1st time buyer.
I wouldnt mind seeing the legal paperwork on one of these 'lotteries'

Mr.Sir

fvp4 wrote: »

No. Nobody did. You told him to save and buy concrete with the 100€. That’s what we are discussing.

Yes and the next €100 he may save buy some 804 or a few blocks. This is basic building blocks to building a house.

LawBoy2018

fvp4 wrote: »

You assumption that the house lotteries aren’t authorised is probably false. You just assumed that and ran with it.
Since GAA clubs have fun lotteries it’s probably above board.

I'm not saying that they're not legitimate in any way, I'm just wondering if they'd come within the scope of section 613 TCA.

dxhound2005

Only one person had to concern themselves about the terms and conditions in the Roscommon draw. I hope they were a "natural" person. The other 99,999 lost their money.

https://winahomeinlondon.com/terms-and-conditions/

Ninthlife

No point arguing over hoping to win a house for 100eur or saving 100eur to buy cement or blocks to evenyuslly build the real solution is to marry into money......


I shouldve taken my own advice

Mr.Sir

Mr.Sir wrote: »

Yes and the next €100 he may save buy some 804 or a few blocks. This is basic building blocks to building a house.

Alright. Then the free land he gets and free labour and there’s a house built in no time.

dxhound2005

dxhound2005 wrote: »

Only one person had to concern themselves about the terms and conditions in the Roscommon draw. I hope they were a "natural" person. The other 99,999 lost their money.

https://winahomeinlondon.com/terms-and-conditions/

Interesting. A question was asked so not a full lottery then. There’s quite a lot of bypassing the laws as designed there. The ticket buyer automatically joins a club etc.

A natural person means not a corporation.

Harry Palmr

https://twitter.com/Dawncusack4/status/1391505096618414081?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1391505096618414081%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fpublish.twitter.com%2F%3Fquery%3Dhttps3A2F2Ftwitter.com2FDawncusack42Fstatus2F1391505096618414081widget%3DTweet

Ninthlife

Ninthlife wrote: »

Would many non locals buy a ticket for a house in Roscommon from a GAA club..maybe GAAers would come to think of it

You may also no longer be considered a 1st time buyer.
I wouldnt mind seeing the legal paperwork on one of these 'lotteries'

If you win a free house in anywhere, you can rent it out of sell it!

Ninthlife

bubblypop wrote: »

If you win a free house in anywhere, you can rent it out of sell it!

Id be more inclined to keep 100eur in my pocket than give it to some unknown entity in the arsehole of Roscommon

Ninthlife

Ninthlife wrote: »

Id be more inclined to keep 100eur in my pocket than give it to some unknown entity in the arsehole of Roscommon

Well, I wouldn't mind spending 100 euro, and then having an income of 600+ euro a month!

Mr.Sir

fvp4 wrote: »

Alright. Then the free land he gets and free labour and there’s a house built in no time.

Well pup won’t last forever.

Curse These Metal Hands

GAA clubs should be stopped from shamelessly profiting off of a housing crisis. There are a lot of desperate people out there looking for homes but of course they know this, that's where the money is.

Was it Carlow GAA that delayed the draw several times to keep the money train going?

Mr.Sir

Curse These Metal Hands wrote: »

GAA clubs should be stopped from shamelessly profiting off of a housing crisis. There are a lot of desperate people out there looking for homes but of course they know this, that's where the money is.

The gaa are the new Catholic Church.

lintdrummer

lintdrummer wrote: »

You're way off. First off we don't know the cost of the house but if it's a new build and it's anywhere near Dublin it's going to be closer to €500k.

Secondly the payment providers take a decent chunk of the revenue. Probably around 5%. So that would be €40k in this example.

Lastly selling 8000 tickets @ €100 a pop would be hard work and would need a lot of advertising. You could easily be looking at €30k for advertising and that would be on the low end.

Pretty accurate state of affairs. I know of a house that was raffled in Maynooth, a very desirable area, by a GAA club. The really struggled to sell tickets, and they ended up postponing the draw for a few months. Not sure what the rules are regarding competitions in Ireland, but I was surprised to hear that they were allowed to postpone it.

interlocked

Westport GAA ran a draw for a €325,000 house in 2019.

They sold 10,000 tickets @ €100 each, half were bought from outside the county.

These were the winners, a young local couple who were saving for a mortgage.

https://www.mayonews.ie/news/34742-lucky-liam-lands-westport-house

The club is launching a second draw this week for a similar house. Both draws are in aid of a new pitch complex costing €3m.

https://www.winahouseinwestport.com/

http://westportgaa.com/golf-course-rd-development/

Real Donald Trump

interlocked wrote: »

Westport GAA ran a draw for a €325,000 house in 2019.

They sold 10,000 tickets @ €100 each, half were bought from outside the county.

These were the winners, a young local couple who were saving for a mortgage.

https://www.mayonews.ie/news/34742-lucky-liam-lands-westport-house

The club is launching a second draw this week for a similar house. Both draws are in aid of a new pitch complex costing €3m.

https://www.winahouseinwestport.com/

http://westportgaa.com/golf-course-rd-development/

Unbelievable stuff, he won a Mercedes on a raffle two weeks before he won the house.

YFlyer

There be those raffles for bottles of spirits, beer and crisp.

Lawlesz

Whatever about these draws for charity, clubs, etc but I had a couple on my facebook (I know) advertising a "raffle" for the bonus ball on the lottery, tickets were a tenner each. First prize was €250. There is 47 numbers on the Irish lotto and they had clowns buying up these tickets for a 1 in 47 chance of winning, and the "hosts" pocketing the rest.

On the back of that, another fella then put up a raffle for 2 electric sockets with USB plugs on them stating they were worth €80 in Woodies - he deleted the post (and I assumed called off the raffle) when someone shared a screenshot of the same socket for €30. I actually thought he was joking and taking the mick out of the first couple, until his wife and family started sharing the post too.

rn

Afaik the majority of the tickets were sold outside the county of roscommon for both Roscommon GAA draws. I think Dublin bought alot for the first draw and many over seas bought for the London one. They hit a snag in England when lotteries regulator made them refund all UK entries, this cost in region of 250k, but the draw still made a profit for the organisation. The GAA is as worthy an organisation as any to give money too and it wasn't really impacting the housing crisis by buying one house. The committee did serious work advertising and pushing the draw, the tickets did not sell themselves. Hence why clubs and orgs push back draws until enough entries.

I believe Mr tayto Park did same thing with a farm back in the day. When he got in financial trouble, raffled off his original farm returning enough cash to pay off bank and get himself started again...

Wanderer78

Chuzzle7 wrote:

Would you buy a ticket worth 100euro with 8000 tickets being sold for a chance to win a house?

Yup, if I was desperate

chooseusername

Xander10 wrote: »

Depends on status of owner who is selling / raffling it

Like Barney Curley Wurley?

corks finest

chooseusername wrote: »

Like Barney Curley Wurley?

This gang are impossible to get a response from,contacted via Twitter, gmail several times no response ( changed from android to iOS and can’t remember password)
No option on their site to get a new one , my little treat once a week is on hold( big spender e2-10)