How much to charge per raffle number? Pricing table by prize value

The question that stalls the most raffles before they even start is this one: how much to charge per number? Charge too high, nobody buys. Charge too low, the profit is less than the time you spent selling.

Good news: there is a simple formula and a price band that works for almost every small to mid-size raffle. This article gives you the table, the formula to fine-tune for your case, and the mistakes that strand a raffle.

The formula in one line

Before the table, the logic:

price per number = (prize value + desired profit) / number count

If the raffle sells 100% of the numbers, that math hands you exactly the profit you set. In practice it never sells 100%, so the real adjustment is to price as if you were going to sell 70% and still come out ahead.

Pricing table by prize value

For common raffles, these are the prices that tend to work. The "selling 70%" column is the realistic scenario for a family/friends/coworker raffle.

This table already factors in the prize cost + ~30% profit while assuming only 70% of numbers sell. So even if the raffle "underperforms" and only hits 70%, you still cover the prize and end up positive.

How many numbers makes sense?

Before setting the price, decide the count. Rule of thumb:

• Prize up to $100 → 50 to 100 numbers
• Prize $100 to $500 → 100 to 200 numbers
• Prize $500 to $1,000 → 200 to 500 numbers
• Prize over $1,000 → 500 to 1,000+ numbers

Why does it matter? Because a raffle with lots of numbers and a low price drags forever ($1, $2 feels too small to bother sending payment). And a raffle with few numbers and a high price scares off people who only see "$150 for one number".

The band that converts most: numbers between $5 and $30. Above that, buyers think twice. Below that, they buy but you sell really slowly.

The margin that actually sticks

There are two invisible costs beginners forget:

• Chasing time: people take their time to pay. You will message, wait, follow up. Anyone who has run a raffle knows.
• Reserved numbers that vanish: ~10-15% of buyers reserve and never pay. You have to release those numbers and resell them.

So the real formula is not "cover the prize". It is cover the prize + 30% profit + 15% buffer for no-shows.

In practice. Prize $1,000, 100 numbers at $18:

• If everything sells: $1,800
• Sells ~70%: $1,260 (covers the prize, $260 left over)
• Sells ~85%: $1,530 (covers the prize, $530 left over)
• Sells 100%: $1,800 ($800 profit)

If you charge $10 per number ("because 10 is round"), the 70% scenario leaves you with $700 = $300 in the red because the prize costs $1,000.

5 pricing mistakes that kill a raffle

1. Pricing high "to cash in fast": the number gets too expensive, nobody buys, you drop the price, the early buyers complain. Set a fair price from the start.
2. Copying the neighbor's raffle: their prize might be bigger or smaller, or they have a wider audience. Use the table, not gossip.
3. Forgetting the prize math: people charge $5 for 50 numbers ($250) to raffle off a $500 phone. The math just does not work.
4. Not pricing in 15% no-shows: there will be reserved numbers that never pay. If your margin only closes at 100% sold, it is too tight.
5. Charging cheap "to sell faster": selling fast is good, but if you charge $2 and the prize is $1,000, you need to sell 600 numbers to make $200 in profit. Most raffles never hit 600 numbers.

When charging more works

In three scenarios it makes sense to price above the table:

• Charity raffle: people pay more when the cause is clear. $50 in a charity raffle for a $1,000 prize works, because the "value" is the donation, not the number.
• Premium prize: iPhone, motorcycle, coveted electronic. People pay more per number when the photo is irresistible.
• Small audience: if you only have 30-50 close contacts, it makes sense to charge more for fewer numbers (15 at $100 = $1,500) instead of trying to sell 200 at $8.

How to apply this to your raffle today

1. Write down the real prize value (including shipping if relevant)
2. Decide the number count based on the prize range
3. Use the formula or the table to get the price
4. Round up to a "clean" number ($12 → $15, $28 → $30)
5. Compute the 70% sold scenario: does it cover the prize? If not, raise the price

In 5 minutes you walk away with a price that fits the prize, fits your audience, and protects you from the "sold few but still paid for the prize out of pocket" scenario.

Ready to run your next raffle with the right price?

The wrong price is the number-one reason a raffle stalls. The right price is what separates a raffle that takes off from one that drags on for two months.

Open My Raffle, use the table above as a starting point, and in a few minutes your raffle is ready with a price set by judgment, not by guess.