When a Raffle Is a Bad Idea

When is a raffle a bad idea? When it makes you look desperate. Take the case of the Bank of Queensland, which is launching a raffle next month offering account holders a chance to win $20,000 in hopes of luring more people to the bank. As the article notes, this cannot be a good sign for the Australian bank. It suggests desperation, indicating that they can no longer rely on competitive interest rates to attract people. A bank should not in any way resemble a casino.

Raffles are a great way to raise money for a good cause and to provide a bit of fun for members of an organization. But if you’re a reputable financial institution, it’s perhaps not the best way to instill confidence in the public. Make sure that you’re not throwing a raffle as a last ditch effort to save a sinking ship if the ship’s a business. Of course, raffle fundraising for a non-profit can be a good way to garner support for a cause that has not been getting a lot of attention.

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