This year there’s been a surge in companies running Win a Bike competitions, commonly marketed on social networks where you answer a question, buy one or more tickets and get entered in for a chance to win a bike. What do you think of them?
0 voters
These can be a bit of a scam. They are looking at selling enough tickets to offset the price of the bike. If they don’t sell enough then you might only get a cash prize or your money returned less the cost of administration.
They aren’t regulated tight enough if you ask me. These sort of lotteries are regular topics on finance podcasts.
For me it’s the same as those clowns standing next to the Aston Martin at the airport where you can pay £20 to “win this car.” I just tell them I already own one in as a cocky a tone as I can. Obviously that’s not true but whatever. The Gadget Show competition is the same deal. It’s a revenue generating exercise. You could enter the Who wants to be a Millionaire £64K competition by post which was effectively free but I forgot to send my entry in time.
As with all these things I think you should approach them in the same way as the gambling industry in general. If people actually won (in general) it wouldn’t exist. That’s all you need to know.
Not seen them but look like gambling to me with the odds firmly in their favour.
If I’m going to play the lottery, I’m going to play for millions, not a bike…
It’s not like as if the tickets are cheap. £10 is quite steep…
You missed the option which say " I’m interested, but am not signed up to social media"
I’m not on facebook, instagram, twitter, and so on!
It does frustrate me on something i have to use the wife’s account to do somethings like that.
I’ve entered a few when they first appeared, but given the financial situation I stopped fairly quickly
Are you only asking about competitions on social media or about win-a-bike comps in general?
In general, it’s just that I’ve mostly seen them online.
They aren’t for me.
I have made an exception though. I have entered this win a bike https://weemsmotorco.com/raffle
All the proceeds are to charity and it’s not a big mega corp behind it.
