R Kings and other car raffles

Slightly grey area, they operate as an 'entertainment' {other business} classification, but are not far off from what some online Vegas Bingo Casino does.

First impression was that it all sounds dodge.

But a quick bit of R&D shows all accounts are up to date, decent enough capital assets, and verifiable physical operation.
Guess it's a simple model, aim to sell +20/30/40% of product value via raffle ticket sales, bunch of T&C's, and deduct a small amount of profit for marketing and admin.
Primary marketing might even be WOM if has been going for couple of years.

The only question would be if the draws are held to an actual audience or verified in some way, and if they occassionaly undervalue products (raffle ticket value and ratio).

Esteban Massive Tick wrote: »

Slightly grey area, they operate as an 'entertainment' {other business} classification, but are not far off from what some online Vegas Bingo Casino does.

First impression was that it all sounds dodge.

But a quick bit of R&D shows all accounts are up to date, decent enough capital assets, and verifiable physical operation.
Guess it's a simple model, aim to sell +20/30/40% of product value via raffle ticket sales, bunch of T&C's, and deduct a small amount of profit for marketing and admin.
Primary marketing might even be WOM if has been going for couple of years.

The only question would be if the draws are held to an actual audience or verified in some way, and if they occassionaly undervalue products (raffle ticket value and ratio).

Can you look up the legal value limit on raffles prizes in NI? A few sites say £25,000 but I can't find it on any official site. And a GAA club had their raffle shutdown last year when they tried to raffle a house.

Esteban Massive Tick wrote: »

Google says yes 25k is the max, but at the same time says ticket price of just 1 squid is the max, maybe this has been change since under a 2015 update.

Other googlebot link says they have to provide a free entry route (domestic postcards/postage), as the competition requires no skill factor. Gambling Act 2005(NI) which is likely still valid.

Many phone-in TV competitions over in Engerland offer postcard entry along with 'premium' SMS numbers (considered a charged entry).
In essence its a type of lottery, but dances around the edges of gambling by calling itself a prize-draw.

Only concern would be verification of actual draw, aside from this all the procedures seem to be above board, all accounts filed on time etc etc.

They offer postcard entry that must be received 2 days before the draw, so that's great when they usually sell out in hours

https://www.irishnews.com/news/northernirelandnews/2019/07/27/news/gaa-club-forced-to-abandon-raffle-to-win-new-house-in-co-down-1671467/

I know the house is worth more than the Lambo but it's still above the limit, you would think enforcement would be consistent. Especially when the one that was cancelled was non profit.
They seem to know what they are doing when it comes to the legality of it but I can't figure it out.

IRE60 wrote: »

It should all fall under the lotteries act. The 'postcard' entry is to countermand the 'phone only' entry.

Is that the same lotteries act as the UK or is the law different in NI?

IRE60 wrote: »

Aplos - thought it was an IRE company. Of the opinion the lottery laws differ nothing between NI and the rest of the 'home nations', as Borris said (& NI is part of the UK - not trying to WW3!)

Since I found out about the difference there was with laws to do with gay marriage and abortion it always leaves me second guessing on what else may be different.

beertons wrote: »

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A Starlet or something like a Twincam?

What's the insurance gonna be like on an Audi that has 700 odd horses raging under the bonnet?

Most of the photos show young lads in tracksuits, so could assume it will be destined to either be raked around a field (diy rack), industrial estate in the small hours, ebayed, or else dumbed down to look like a plan A6 for stealth insurance for the afternoon commutes.

No mention of a cash alternative avilable.
Besides you can imagine the clientele that might show up to 'test drive' your 700 horses, or a souped-up scooby.

Might get a genuine petrol head of sensible years, but might'nt be an easy sell-off regardless on a novelty hard to insure item.
Trade would take it with no issues, but at a funny price.

A rough calculation shows the big ticket items produce about 120-135% potential book value (assumes full sale),
Not really any worse than any other lotto in fairness.