Raising funds through race nights

Race Nights are a very popular way for organizations like schools, charities, individuals for good causes, sporting and social clubs to raise funds.

If done correctly our race nights can bring in a lot of money both from the actual night as well as going out and seeking sponsors prior. The key sources of fund raising are as follows:

• Sponsor of the whole race night evening.
• Sponsors for each of the individual races.
• Sponsors for each of the 8 runners in a race.
• Ticket sales at the door (small entry fee).
• Sale of race night programmes (small charge or as part of entry ticket).
• Sale of drinks on the night.
• For each race by keeping a % of the winnings for your fundraising. Normally 40-50% is kept and the rest paid out to the winning ticket holders.
• Sale of Lucky Dip tickets - called dual forecast/Quinella tickets.
• Auction of the runners in the last race.   

The best methods for taking bets (Wagers):

Real Money: Money is taken when accepting bets on the runners and in turn when the winnings are paid.

This is the most common method used across the United Kingdom.

Fun Money: Money is used at the beginning of the evening to purchase ‘fun money’ which is then used to place bets. At the end of the night – the fun money is then exchanged (cashed in) for real money.

This is the most common method used across USA and Australia.

Donations & Fun Money: The guests pay a fixed donation in exchange for a specific amount of fun money which is then used to place bets. The fun money is then used at an end of the night to bid for the prizes/vouchers – which have been provided by local companies/individuals.

Where possible you should contact the relevant authority in your area or country - to ensure you are running event within the current gaming/betting laws. Most authorities are supportive of fundraising nights where the money collected is being put to good use. ie: purchase of a new projector for a school - perhaps to run more race nights :)