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

The question that stalls the most raffles before they even start: how much to charge per number? Charge too high and nobody buys. Charge too low and the profit is less than the time you spent selling. Get it wrong in either direction and the raffle drags on for weeks with nothing to show for it.

There is a simple formula and a price range that works for almost every small to mid-size raffle. Here is the table, the formula to fine-tune for your situation and the mistakes to avoid.

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%" scenario is realistic for a family, friends or coworker raffle.

This table already factors in the prize cost plus around 30% profit, 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?

Decide the count before setting the price. A rough guide:

• 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

The count matters because a raffle with lots of numbers and a very low price drags. A number priced at $1 or $2 feels too small to bother sending payment for. On the other hand, a raffle with very few numbers and a high price scares off people who only see "$150 for one number."

The range that converts most: numbers between $5 and $30. Above that, buyers think twice. Below that, they buy slowly.

The margin that actually holds

Two invisible costs that beginners consistently underestimate:

• Chasing time: people take their time paying. You will send a reminder, wait, follow up again. Anyone who has run a raffle knows how this goes.
• Reserved numbers that vanish: roughly 10 to 15% of buyers reserve and never pay. You release those numbers and resell them, which takes time.

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

In practice, a prize of $1,000 with 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)

Charge $10 per number instead ("because 10 is a round number") and the 70% scenario leaves you with $700, which is $300 in the red because the prize alone 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 feel cheated. 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 someone else's setup as a reference.
3. Forgetting the prize math: charging $5 for 50 numbers ($250 total) to raffle off a $500 phone is a common mistake. The math just does not work.
4. Not accounting for 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 get there.

When charging more works

Three scenarios where pricing above the table makes sense:

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

How to apply this to your raffle

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 to a clean number ($12 → $15, $28 → $30)
5. Run the 70% sold scenario: does it cover the prize? If not, raise the price

Five minutes of math up front is what separates a raffle that covers itself from one that ends with the organizer paying for the prize out of pocket.