Elite Prizes, a raffles site, is offering a £500,000 4 bedroom bungalow property in Coventry as a prize. Tickets cost a hefty £69.99 and the promoters are aiming to sell 9999 tickets.
House Value: £500000
Location: Coventry, CV5
Launched: 8th July 2019 Closes: 5th October 2019
Ticket Price: £69.99 (Free Entry Available)
Tickets Sold: Unknown
Payment Options: Online Payments
Elite Prizes who launched in June 2019 run raffles for luxury prizes such as a Ferrari 488 GTB, Rolex Submariner and iPhone XS. They've now added a £500,000 valued property to their options. The property is described as a luxury 4 bedroom bungalow that's located in Pangfield Park, Allesley, Coventry.
The property was purchased in March 2016 and since then it has been extended and renovated. Images of the property can be seen on the website. These include pictures of the stylish kitchen that boasts bifolding doors that lead out to the garden. The promoter will pay for the Stamp Duty and Solicitors legal fees.
Tickets for this competition cost £69.99 for one. Purchase three tickets to reduce the cost to £49.99 each. This is one of, if not, the highest priced UK win a home raffle to date. However the promoters are aiming to sell 9999 tickets which will generate sales of just under £700,000. A free entry route is available, but 9999 tickets must still be sold.
Elite Prizes have set an initial closing date of 5th october 2019. However provision is in the terms for the competition to extend to 5th January 2020. The competitions have countdown timers - these should be ignored as they have no bearing on the closing date or competition. On a positive note, Elite Prizes do have a ticket sales counter on site.
To enter the competition you need to answer a multiple choice question. We're not sure whether this is sufficient enough in terms of "skill". Other win a house raffles have been closed down by The UKGC by using multiple choice questions. On entry you confirm agreement that "a cash prize maybe awarded if all tickets for this competition are not sold."
Knowing how much will go as a prize is an important element of these kind of competitions. The terms of the site state that in the case of a house prize, 20% of the ticket fees will go to the home owner and 20% of the ticket fees to the promoter. The winner will receive 60%. No donations to charity are mentioned.
Although relatively new, Elite Prizes have already sold some tickets for a number of their competitions. Our advice would be to see how the smaller priced raffles fare over the next few months before committing to purchasing more expensive tickets. You can follow updates and developments of the house raffle and other competitions on the company's Facebook.
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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