Starting a Competition/Prize draw

[SellWhatYouAreBuying]

Hi there,

Is there anyone out there that has experience, or information on competitions/prize draws?

I would like to start a competition/prize draw for £200k cash to buy a house with. (Winner can choose if they would like to keep the cash or ask for help from me to help them proceed with purchasing it)

As I currently do not have a spare 200k to layout... I would like to run it as something like there are 200k entries, the competition runs for 6 months, there is no guarantee you will win £200k but as soon as we reach 200k entries at £1 each the competition ends, and the winner will be chosen.

If it reaches to the end of the 6 months and 200k has not been reached the winner wins whatever has been raised.

I understand the legal acceptance such as skilled questions not a lottery etc...

Its sounds like a mad idea, but there is a lot more to my idea... 200k was just an example..
I just want to know if I can offer something for a competition that Will potentially be raised rather that it is guaranteed. I plan to make it very clear that it's not certain.

I have tried to message the gambling committee and other platforms but they have been unhelpful.

Best regards,

SellWhatYourBuying

 

[Scalloway]

I would think you would need to actually have a house to raffle otherwise it would just be an ordinary lotter.

 

[Fagin2021]

It's not a 'mad' idea - it's a very old idea.

Leaving aside the legalities, the interesting question is this....

How do you plan to get 200,000 people to part with their dosh when already there are scores of national, regional, local and charitable lotteries all offering a guaranteed prize ?