Texas Landowners Turn Mineral Rights Into Lottery-Style Raffle

(KNUE-FM) One Texas family is getting creative with a raffle they are having, and the prize is the mineral rights for the 100 acres of land they own. We got the details from KXAN, and the idea is pretty clever.

The Jones Family’s Raffle Details

We all know that owning land in Texas is great, but if you can get the mineral rights, that’s even better. And for years there have been groups that have approached the Jones family for mineral rights to their land in Frio County. The family says, most offers have been around $50 an acre, and they haven’t been willing to sell.

The Jones family is already leasing their land to an oil company for around $2,100 an acre. But now the family is raffling off the mineral rights as several family members approach retirement. So, the money could be more beneficial than the rights.

READ MORE: Where the Record Texas Lottery Ticket Was Sold

How the Raffall Platform Works

That’s when the family heard about a British sweepstakes company Raffall which lets people create and complete “legally compliant raffles and competitions”. The raffle winner would enter into a contract to buy the mineral rights for $1.

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Legal Questions Around Raffles in Texas

Each ticket for the raffle would cost around $4.10, which is equivalent to the British pound sterling. The winner would either take the mineral rights or $1,000,000. But 500,000 tickets must be sold, or the winner would only receive 50% of all ticket proceeds.

What do you think? Is it worth taking a shot? Here is the link if you want to buy a raffle ticket.