Charity Running

A new way to raise money for good causes

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02/10/2012 at 12:18

Hi everyone.

I'm the founder of Guess2Give and was contacted by Chaz about this thread.

I'm happy to answer any questions about Guess2Give and respond to the points above if you feel it's appropriate.

The one which appears to be the main issue is that Guess2Give is a for-profit company, which is correct. Over 70% of the money that goes through our system goes to charities (including the winings which mover 70% of people donate back) and the majority of the remaining money goes to 3rd party providers such as age and UK identification (necessary to adhere to gambling laws to ensure everyone is over and UK based), address checks, HMRC fees, gambling commission fees, payment merchant fees and payment transaction fees.

Our aim is to generate millions of pounds in new revenue from this new source of income for UK charities via our model of very low margin, very high volume. Of course we're nowhere near the volume required to be self sustainable yet as we only launched in April but so far we have over 100 charities (inc Cancer research, Marie Curie, Macmillan, Save the Children) that use our service for free (no sign-up or monthly fees like many services) as they recognise that creating online sweepstakes for people to use generates new income. This new income is proven by the majority of our users being younger than a normal charity supporter, therefore it provides the opportunity for long-term value for the charity if they can engage with those new supporters.  Even if they don't, then the additional income is more than they would have generated previously.

Of course, develpoing and implementing a new concept that doesn't exist anywhere in the world is costly to overcome issues with gambling, HMRC, charity regulations etc and gaining everyone's approval takes time and money, not to mention the technology platform.

I hope you don't mind me responding to this thread and shedding light on some of the issues raised, and, as I said initially I'm more than happy to answer any questions about Guess2Give if you feel it is appropriate.

Mark


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