Are Raffles Making a Comeback?

[table id=1 /]

In 2022, the Montana Lottery sold out of their Montana Millionaire Raffle in less than 30 hours. Last year, they added 100,000 more tickets to the pool, increasing it to 380,000. It was a big jump. The U.S. average ratio for total population to raffle ticket pool size is 13:1. This change made Montana’s ratio 3:1, the lowest. It only made people want the game more, selling out in five hours.

Raffles are often the forgotten category. In 2023, 11 lotteries sold a raffle game, generating $53.1 million. Only 15 years ago, more than half the U.S. industry sold a raffle—22 of 42 lotteries—generating $173.1 million.
It is easy to overlook. When bloc lottos generate billions, $53 million is negligible. It is also an unfair comparison. Every other draw game sells throughout the year. In 2023, raffles sold for a combined 71 weeks, generating roughly $747,518 per week.

According to La Fleur’s Unaudited Calendar 2023 report, 32 lotteries sold Lucky for Life and Cash4Life, generating $704.1 million. Since each state’s game sold for the whole year, it adds up to a cumulative 1,664 weeks. Therefore, averaged out, the For Life games made $423,457 per week. Another benefit is its low payouts. As smaller draw game payouts start to creep up to attract players, raffles across the board have stayed very low, roughly 50%-52%. Their ephemerality also attracts media coverage.

It explains the renewed interest in raffle games. Massachusetts Lottery and Ontario Lottery & Gaming (OLG) launched raffles in 2023. The Idaho, Minnesota, and Montana lotteries increased the number of tickets in their pool and still sold out. Virginia Lottery introduced small, online-only promotional raffles (not included in data below).

Are raffles making a comeback? Maybe. Their biggest drawback is how difficult they are to predict since they’re a one-off experience, which will scare some lotteries off. But the Montana Lottery isn’t slowing down. They’ve already announced they will increase the ticket pool to 500,000 in 2024. How long will it take to sell out this year?

[table id=4 /]