Pot of Gold

Sites with RaffleWise premium can enjoy a new type of competition – the Pot of Gold (POG).

With this type of competition, there are no maximum entries, thus tickets are unlimited. The site admin (you) specifies the minimum prize pot. This will be the prize regardless of the number of ticket sales. However – if the ticket sales exceed your minimum pot, then the prize pot increases automatically and is reflected throughout the site on the competition listing.

When creating a competition, you now have the option called ‘Competition type’, and if you change this to ‘Pot of Gold’ you are shown the following:

Minimum prize pot (£) – This will be the guaranteed minimum prize in cash, for example 1000, even if ticket sales don’t ever reach this amount.

Prize percentage (%) – This is the percentage of ticket sales which are given as a prize, once the minimum pot is exceeded. So for example 70.

A Pot of Gold with a minimum prize of 1000 and prize percentage of 70, the prize will stay £1000 until ticket 70% of sales reach over £1000. This means for the prize to increase, there would need to be £1428 worth of ticket sales. Say for example there ends up being £3000 worth of ticket sales, this means the prize will have increased to £2100.

Another example, a Pot of Gold with minimum prize of £10,000, and a prize percentage of 90, the threshold for ticket sales would be £11,112. (As 90% of £11,112 is £10,000). If this competition received £20,000 from ticket sales in total, the prize would have increased to £18,000.