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In effect, when running a spinning wheel, you are running a series of short sharp raffles.
Under the Bingo and Raffles Board Regulations of VICTORIA,
PRIZES SHOULD BE VALUED AT BETWEEN 17% AND 50% OF THE TAKE
People would rather spend $5 for something worthwhile than spend 50c to win something which must be of lesser value
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Fifty odd years ago, when Dad started this business, tickets were sold for 5cents, 10 cents or 20 cents, and prizes were valued to suit. Unfortunately, some of our customers have one foot firmly planted in the 1950s, and want to hang on to those ticket prices - but their other foot is in this century and they expect to get prizes valued on today's standards! Unfortunately, it cannot be done._____________________________________________________________________________
Today, I recommend that the realistic lowest price for a ticket is $1, but consider $2 spins to be the better option with $5 spins offered throughout the day.
This table shows the price ranges recommended for various spinning wheel sizes and ticket prices.
|
WHEEL SIZE |
$1 |
$2 |
$5 | |
|
48 |
$12-$24 |
$24-$48 |
$60-$120 | |
|
60 |
$15-$30 |
$30-$60 |
$75-$150 | |
|
64 |
$16-$32 |
$32-$64 |
$80-$160 | |
|
72 |
$18-$36 |
$36-$72 |
$90-$180 | |
|
100 |
$25-$50 |
$50-$100 |
$125-$250 |
Obviously, as tickets get dearer, prizes become more valuable, and therefore more desirable. Would you prefer the chance to win a backpack, or a rollaboard case? Some cheap knives, or a quality knife block? A cheap plastic train set, or a Thomas the Tank train set?
For which one would YOU buy a ticket?
