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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?

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[Deleted User]

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

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.

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.

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.

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.

[Deleted User]

LawBoy2018 wrote: »

What are the tax implications of these raffles?

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

[Deleted User]

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

What are the tax implications of these raffles?

[Deleted User]

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.

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?

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.

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.

Mr.Sir

Be better off buying €100 of cement.

[Deleted User]

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

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 ?

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

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.

matchthis

I’d buy 7999 tickets and still not win