WATCH RAFFLE WEBSITE - Business idea , guaging interest and opinions...

[RepPossessed]

Hi Guys, I wanted to gather some feed back on this idea..

The past couple of months i have put together a competitions/raffle website, which is now ready to be used, i have the company set up, already registered as a gambling business and gambling act compliant.

I have 3 idea for this website.. but the one I want to ask you about is watches! which is what we all love here

My plan would be for a watch only raffle site is to be dedicated to watches only, like a watch raffles site for watch nerds like ourselves, it would be engaging, where i would be doing live videos on FB and INSTA presenting the watches and a short talk about the watch. There are some car competition sites which run raffles for watches, but.. they do 99% Rolex which takes no imagination at all.

Participants would pay to enter at maybe £5-£10 per entry, with a draw to be done on a live feed for full transparency.

Another thing no other sites offer are 1st, 2nd 3rd place prizes ... So 1st would be the watch, 2nd place could be something like a lower price watch like Tissot or Hamilton 3rd could be a watch winder. etc.. theres lots of ideas

I would like all opinions good or bad, and I have went into every legal detail on this within UK and Ireland, I am in N.Ireland which has a loophole on this. So I do just want feedback on the idea, advantages and disadvantages and overall impression.

Regards

Reppossessed

 

[Toksic]

Sounds good, take a look at BOTB site in U.K. I know that do primarily cars but they raffle watches as well. 1st 2nd and 3rd prize idea is good but then again it’s more costs which means lots more tickets to sell..


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[RepPossessed]

Sounds good, take a look at BOTB site in U.K. I know that do primarily cars but they raffle watches as well. 1st 2nd and 3rd prize idea is good but then again it’s more costs which means lots more tickets to sell..


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Thanks. Yes ive seen botb, theyre always no1 on a Google search. Rev comps and watch lotto also being another big 2 doing watches

 

[Poecilotheria]

that’s cool!! Have you seen the subreddit, WatchYouRaffle ? They raffle automatic watches! sometimes is a rolly, a Tudor, rare/high end Seikos, list continues. They seem to base ticket prices on the value or desire of the watch, sometimes you can reserve multiple tickets and other times it’s 1 entry per person.

 

[Ams55557]

What’s the loophole?

In the US it’s pretty much illegal unless it’s a charity.

The Reddit site is also against all their terms, but rules don’t matter at Reddit, they make it up as they go.

 

[UnluckyXIII]

What’s the loophole?

In the US it’s pretty much illegal unless it’s a charity.

It’s illegal for someone to sell tickets that give you a chance to win something in the US? That’s crazy, we’ve had raffles, lotteries and all sorts here in the UK.

 

[dadog13]

There are already several fb groups doing this for both gen and rep watches and the offers are various (brands, not only Rolex), sometimes they open a poll to vote for the next wartch(es) to be raffled.

I have never entered this raffles but from what I see they are always sold quickly and people like them. Go fo it!

(pls don’t ask me to share the links to fb pages because I won’t be doing that, nor here nor by PM)

 

[Ecy]

I like the idea and have participated up to $50 USD a ticket when drunk. When sober, ten a ticket. I consider the drunk purchase a stupid tax.

I always go for limited entries if possible. 100 slots, 50 slots, etc. Some do open ended which is a problem as the odds make it a waste.

 

[YesboY]

Will the raffle be available for UK only or worldwide ?
I saw these types of raffle with cars but never with watches ! It can also be nice to have a concept where every single participant with something in the end (a discount for the next raffle for example).

 

[sukwonee]

It’s illegal for someone to sell tickets that give you a chance to win something in the US? That’s crazy, we’ve had raffles, lotteries and all sorts here in the UK.

We have lottery here but it's run by the states lol.

Just because it isn't legal, it doesn't mean there aren't raffles. I have seen people do raffles for rare whiskeys on FB secret groups before

 

[Ams55557]

We have lottery here but it's run by the states lol.

Just because it isn't legal, it doesn't mean there aren't raffles. I have seen people do raffles for rare whiskeys on FB secret groups before

games of chance (gambling) is tightly regulated in the US. This is a game of chance because their is an exchange of money (taxable event) but no guaranteed exchange of equal value. In Europe, you guys are all mad about loot boxes in video games. For those who don’t know, that is when you but the golden treasure box but it may only have something in it 5% of the time.

don’t get me wrong, it happens all the time but most of it isn’t a business with proper advertising. Also a few crafty folk have figured how to skirt the laws. Just wanted to give you a heads up.

 

[RepPossessed]

Will the raffle be available for UK only or worldwide ?
I saw these types of raffle with cars but never with watches ! It can also be nice to have a concept where every single participant with something in the end (a discount for the next raffle for example).

Its only legal for UK/Ireland.

However, there is "luxwatchsupply" who seems to be selling tickets worldwide. Breaking all kinds of laws..

Nice idea about giving back, but it would be too much to manage.

 

[RepPossessed]

Thanks for the feedback guys.

I already have a raffle website running, all legal and registered i might add..
however i would really like to do something that im passionate about.

If i got enough interest here from UK guys, i could start running the raffles right away...

 

[balance27]

I’m in.


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[RepPossessed]

We have lottery here but it's run by the states lol.

Just because it isn't legal, it doesn't mean there aren't raffles. I have seen people do raffles for rare whiskeys on FB secret groups before

I see Omaze are from the states but seems to be just 2 guys own it.

 

[M_Hall]

I use Urban Draw.

They are between £35/£50 a ticket and limited to between 320 and 680 tickets depending on the watch.

They tend to only do Rolex but have all the waitlist models, Pepsi, Cermit, ceramic Daytona etc.

They do the draws live on FB and seem to do one a week.

I have no affiliation to them except I’ve entered a few.


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[RepPossessed]

I use Urban Draw.

They are between £35/£50 a ticket and limited to between 320 and 680 tickets depending on the watch.

They tend to only do Rolex but have all the waitlist models, Pepsi, Cermit, ceramic Daytona etc.

They do the draws live on FB and seem to do one a week.

I have no affiliation to them except I’ve entered a few.


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This is one i haven't heard of.. that's a pretty steep ticket cost!

 

[M_Hall]

This is one i haven't heard of.. that's a pretty steep ticket cost!

Yeah I guess but it seems to be the norm “My Dream Watch” and a couple of others are the same.

Their latest is a GMT Master 2 BLNR, £50 a ticket, 390 tickets.

So if you do the maths they get £19,500 and give away £11,500 watch. Not bad business considering they do one a week and always sell out.

I’m sure they have some additional costs, I know they have to pay the company that actually has the software to pick the winner but not a lot.

They also say they don’t get the watches from an AD but buy grey market. Almost all the watches are new though so I imagine they’re in with an AD but just trying to protect them.


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[RepPossessed]

Yeah I guess but it seems to be the norm “My Dream Watch” and a couple of others are the same.
Their latest is a GMT Master 2 BLNR, £50 a ticket, 390 tickets.
So if you do the maths they get £19,500 and give away £11,500 watch. Not bad business considering they do one a week and always sell out.
I’m sure they have some additional costs, I know they have to pay the company that actually has the software to pick the winner but not a lot.
They also say they don’t get the watches from an AD but buy grey market. Almost all the watches are new though so I imagine they’re in with an AD but just trying to protect them.
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Oh ive seen many doing much cheaper tickets than that though for £5/£10, less chance to win of course.. but you buy more tickets if you want better odds.
I would be aiming for £5-£10 ticket cost with nice prizes for 2nd and 3rd and some free ticket giveaways just to keep it a bit more interesting.

But yeah, good money.. and thats if they even pay upfront for the watch.. they could just leave a deposit and pay later after the tickets are in. Many dealers would be happy to do that for continual business

 

[philwongnz]

I look into this like 2 years ago. In the UK, you have to have your business as a charity (where all proceeds goes towards charity). It is governed very tightly, you need to ensure you setup your business which satisfy the gambling commission.

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