Lottery type competition to win a (so called) £5m house in Belgravia - how fair?

Smuggrin

buglawton wrote: »

Telegraph merely reported the existence of this competition or is it lottery, which does not mean it is endorsing it.

What’s that old quote: you can’t please all of the people.... if you don’t like the idea, don’t buy a ticket. But for those of us that a £50:00 punt seems a good idea and that believe that it would not have got in the Telegraph without some credibility...we would say you have to be in it to win it.. I hope the winner invites you to the house warming party!!

buglawton

Imagine Corporation could not have said it better themselves.

martindow

What is the 'skill' needed here? If skill was required it would mean that someone who is clever enough could work out the exact answer such as solving clues in a crossword puzzle.

You may have knowledge of the property market in the area to have an approximate idea of its value but even then you would be guessing at a figure. Seems like a lottery to me!

puddy

exactly because it isnt a speculation of exact amounts, like say how many pennies in a bottle or how much a cake weighs, the outcomes of these things are concrete and factual.

what is being asked here is to guess the amount that 3 estate agents have said they 'think' the house is worth. they cannot say it IS worth something, becuase there's no such thing in house prices. it might have been a skill based competetion if the question was how much did this house sell for, because again, that would have been concrete, someone has paid x amount fo the house.

the fact that the estate agents somewhere initially advised them to put it on at 5 million, means that they just pluck figures out of the air. so the competition is for someone to pluck a figure, which is an average of 3 figures plucked out of the air

ie,,,a lottery

puddy

Smuggrin wrote: »

.. I hope the winner invites you to the house warming party!!

I wouldnt have anywhere to park though....

Imagine_Corporation

Hi all,

HMRC has confirmed that Stamp Duty is not payable if you are the winner of this Belgravia house. Please read the news details on the winthebelgravia.com website

gauly

Imagine_Corporation wrote: »

Hi all,

HMRC has confirmed that Stamp Duty is not payable if you are the winner of this Belgravia house. Please read the news details on the winthebelgravia.com website

I simply don't believe this. The price paid for the property is the cost of all the tickets purchased, not just one. If you want to enter this contest, better make sure you have a spare few hundred grand lying around to pay stamp duty with since unlike all other similar contests, they don't seem to want to cover it.

mcc100

Assume that, for example, 50,000 tickets are sold by the end of the competition, thus not generating the reserve value of the prize.

A cash prize of 60% of all monies will be paid out to the competition winner.

So of the £2.5m collected, £1.5m will be paid out to the winner which leaves £1m unaccounted for.

Who does this £1m go to Imagine Corporation?

Please explain how this is not a scam?