Better Chances are offering you the chance to win your Dream Home for just £11. The Dream Home is in fact a completely renovated and furnished three bedroomed property in Borehamwood.
House Value: £445000
Location: Borehamwood, WD6 2NU
Launched: 18th November 2019 Closes: 18th August 2020
Ticket Price: £11.00
Tickets Sold: Unknown
Payment Options: Online Payments
Despite featuring on TV this is another win a house competition that seems to have gone under the radar. The property on offer is a 3 bedroomed house that's been renovated to a high spec. The promoters don't offer a valuation on the property but Zoopla suggest an estimate of £445,000. As the prize will come fully furnished we anticipate that this value will be slightly higher. As well as three bedrooms the property also boasts an office, walk-in wardrobes and a garage.
How To Enter
To enter the competition you need to complete a skill question. This is a maths style question which features icons and equations. We think it's quite easy to solve. Note that you're not told whether your answer is right or wrong. Once you've selected your answer, complete the details and purchase tickets. Tickets cost £10 each but there's an additional £1 admin free. The maximum number of entries per individual is restricted to 1000. Entry to the competition is open to all residents of any country where such competitions are permitted by law. There is no free entry route.
At launch the promoters aimed to sell 200,000 tickets (£2million) in order to giveaway the property. This target has been reduced to 120,000 (£1.2million). If insufficient entries are achieved by the closing date then a cash prize will be awarded. The cash prize is set as 50% of the total amount of payments received less the transaction fees. This is one of the lowest (if not the lowest) percentage cash prize that we've seen. According to the FAQ the promoters 50% goes to cover marketing and legal fees. Additionally there's also "a return to our investors for funding it".
Better Chances are supporting charity with their competition. According to the website for every ticket purchased £2 will be donated to The NHS to help fight Covid-19. Details of this are not given in the terms and conditions. Furthermore when you check the Facebook page the charitable aspect is only for tickets bought until May 31st. As far as we can see no charitable donation will be made to other good causes at the conclusion of the competition.
There are a few issues to consider with this competition. Firstly there's no reference to the property valuation. Yet with a ticket of 120,000 there's a huge profit margin. Things that concern us are the ticket price has changed. On the site's very first blog the price was £10.50. It's now £11 with the 50p or £1 being payment fees. The competition closing date has also been extended. This is apparently to give everyone a chance to win - not because they've not sold enough tickets.
50% Prize Pot
The charity donations are good but why only until May 31st? Finally the big question you need to ask yourself before entering is are you happy with a 50% pot value prize? We understand costs need to be met but offering a return to their investors as part of the deal for a failed competition is a bit off in our view. As a comparison Coles Hill will offer 80% of the prize pot if their competition fails to conclude with a house winner.
Whilst the property on offer looks great and the prize draw will be managed by a third party, Prizeology, we'd advise caution before entering. In fact we suggest holding on until either it's clear the property is going to be won or a substantial cash amount is available. Alternatively you could spend the money on five tickets for a competition that will offer a higher percentage of revenues as a cash prize should not enough tickets be sold.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. A link is not an endorsement and, unless indicated, Loquax has not been paid for this listing. We strongly advise that you check terms and conditions before deciding to enter. Map location is approximated by Google based on postcode.
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