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2019 CNE 50/50 Draw - Was It A Failure?

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  • Dec 21st, 2019 3:24 pm
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2019 CNE 50/50 Draw - Was It A Failure?

This year the CNE ran a gigantic 50/50 Draw, top prize of "At Least $500,000"

The CNE announced the winner and they won - $500,000, which means the 50/50 raised BELOW the minimum amount.

What happened?

About The Draw:
The 50/50 Raffle is in support of the CNE Foundation, which is a public foundation and registered charity. The proceeds from this year’s 50/50 draw will help support the Foundation in its youth and community projects
Raffle Ticket Prices
10 for $10
60 for $20
150 for $40
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It says at least $500,000. Last time I checked, $500,000 was “at least $500,000”. Seems like they met their minimum threshold.

Unless I’m missing something?
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mrweather wrote: It says at least $500,000. Last time I checked, $500,000 was “at least $500,000”. Seems like they met their minimum threshold.

Unless I’m missing something?
I'll explain ...

Every big 50/50 starts off with a minimum. You see this with hospital lotteries, that advertise "At Least $100,000" or something of the sort. They are putting in their own money ($50,000) and need to raise $50,000 to "break even". Since it's 50/50, the more money they make, the bigger the pot gets.

Since the winner only got the minimum, that to me means they did not go above the minimum raise of $250,000, which means CNE had to kick in the money - not the public through this lottery. In lottery terms, that would be "a loss"
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The financials for 2019 are not available, but the 2018 ones are...

https://apps.cra-arc.gc.ca/ebci/hacc/sr ... _locale=en

Charity name: Canadian National Exhibition

Last year (2018) they raised $273,985.00

Here is where the money went:

Charitable programs $0.00 (0.00%)
Management and administration $212,857.00 (55.76%)
Fundraising $156,661.00 (41.04%)
Political activities $0.00 (0.00%)
Gifts to other registered charities and qualified donees $12,200.00 (3.20%)
Other $0.00 (0.00%)

This says of the total amount spent, 3.2% went to a charity. Seems like the management and administrators are the real winners.
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DaVibe wrote: I'll explain ...

Every big 50/50 starts off with a minimum. You see this with hospital lotteries, that advertise "At Least $100,000" or something of the sort. They are putting in their own money ($50,000) and need to raise $50,000 to "break even". Since it's 50/50, the more money they make, the bigger the pot gets.

Since the winner only got the minimum, that to me means they did not go above the minimum raise of $250,000, which means CNE had to kick in the money - not the public through this lottery. In lottery terms, that would be "a loss"
My understanding is that that they would need to raise over $500,000 or it is a bust ..... If they raised $1 Million, they would still pay out the minimum. A cheque for $500,000 means they didn't sell over $1 million in tickets.
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renoldman wrote: My understanding is that that they would need to raise over $500,000 or it is a bust ..... If they raised $1 Million, they would still pay out the minimum. A cheque for $500,000 means they didn't sell over $1 million in tickets.
Correct. So I'm just saying, it was not a success as it didn't go over
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renoldman wrote: The financials for 2019 are not available, but the 2018 ones are...

https://apps.cra-arc.gc.ca/ebci/hacc/sr ... _locale=en

Charity name: Canadian National Exhibition

Last year (2018) they raised $273,985.00

Here is where the money went:

Charitable programs $0.00 (0.00%)
Management and administration $212,857.00 (55.76%)
Fundraising $156,661.00 (41.04%)
Political activities $0.00 (0.00%)
Gifts to other registered charities and qualified donees $12,200.00 (3.20%)
Other $0.00 (0.00%)

This says of the total amount spent, 3.2% went to a charity. Seems like the management and administrators are the real winners.
Holly crap, I hope there's more to it than that ... As in, maybe the 50/50 is under a different name.

That's just disgusting but ... I guess nobody claimed they were the best charity lol

Edit: In their defence, I don't think it was a $500,000 lottery back then. I didn't even think they did a 50/50 BB it apparently they did one last year too.
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