Raffling mah bike?

Question

Ok so I'm planning on raffling me Razor E300S electric scooter.

I bought it for a list price of 269.99 USD and it's already built.

So how much do you think I should sell each raffle for and how should I get the posters out.

It is the summer and I'm trying to get 200 USD.

I was thinking each raffle for 5 USD.

Answer 1

An individual cannot just hold a raffle. There are regulations to be followed. Check with the local chamber of commerce and find out how to comply with the laws for your area.

Answer 2

You are headed for some big problems holding your own raffle.  You need special permits to do that, and your record keeping has to be spotless.  Raffles are restricted to charity and not-for-profit ventures.  Individuals can't just hold their own private lottery