Quick Math: Prize Wheels

A couple of the more popular promotions right now are concourse games like the Prize Wheel and Plinko.  For fans these are fun concourse activities, but for teams they can be an opportunity to generate profit.  Here is a quick look at how a wheel can spin a profit for you from Gameops.com.

Consider our basic 12 pocket prize wheel.  This wheel is made from a durable ABS plastic and has pockets for the prize segments that allow you to change out prizes quickly and easily.  In this Quick Math model let's assume you have your wheel on the concourse for fans to spin for $1. 

You have 12 spaces to fill with prizes.  Here are 12 prizes and an estimated cost for each.  Doing the math I will assume you have 300 people spin the wheel:

1. Inflatable noisemakers ($.40)
2. Temporary Tattoos with your team logo ($.06)
3. Team Logo Pencils ($.15)
4. Lanyards with team name imprint ($.50)
5. Team pens ($.50)
6. Flyers/Frisbees ($.70)
7. Schedule Magnets ($.35)
8. Bobblehead ($3)
9. Team Logo Sticker ($.20)
10. Bumper Sticker ($.50)
11. Key Chain ($.60)
12. Megaphone ($.80)

In this example the total prize cost is $7.76 (one of each added together), so the average spin cost is about $.65.  So if you had 300 spins in one night, you have spent about $193 in prizes....and generated about $107 in profit.

Want to improve your profit opportunities?  Here are ways to drive down your Average Spin Cost:

Some teams wisely use their wheels to "clean out the storage room".  Hats left over from a promotional night?  Schedule Magnets from opening night?  These can be perfect additions to your wheel.

• Ordering 4000 lanyards for a promotion? Why not order 1000 more to use with your wheel? This can make loading your wheel prize inventory easy and less costly
• Out of date programs or yearbooks? They still have value for kids, loyal fans, or collectors
• You don't sell out weekday games? A pair of tickets for an upcoming game will certainly draw more interest to your wheel
• Discount Coupon to your team shop can help drive traffic and sales to your in-house store ($5 off a purchase of $25)
• Connect your wheel with other promotions: Win 5 Chuck-a-Pucks or win the chance to be in a contest
• Sponsors may be willing to contribute small giveaway items, in fact some teams have sponsorship for their wheel. Add a fast food restaurant sponsor, and use coupons or specials as prizes
• We have hundreds of items under $1 suitable for the wheel in any sport
• Duplicate an inexpensive item like tattoos to fill two segments

More Quick Math:

Back to our example: replace the frisbee with some old yearbooks that you would normally toss out (your cost $0), replace the megaphone with schedule magnets left over from opening night(your cost $0), add one sponsor coupon to a wheel segment (your cost $0) replacing the team pens.  The new total prize cost is now $5.76, average spin costs $.48.  That same 300 spin night now produces $156 in profit for the night.  For a hockey team with 40 games that can mean over $6000 in profit for the season.

Wheels are simple to customize.  Have 15 t-shirts?  Just print a wheel segment for the shirts.... when they run out, simply change out the wheel space and move on to the next prize.  Keep in mind that with 12 spaces on the wheel, if you average 300 spins, you would only need about 25 of any prizes (on average) to last you through the night. 

The key is to keep your average spin cost low.  We recommend one high-value prize (shirt, hat, bobblehead, tickets) to draw fans interest and rotate prizes periodically.  We have worked with teams who also use non-imprinted prizes like rulers and toys from vendors like Oriental Trading.  These can be bought in bulk with per piece costs under $.25, which helps keep your average spin cost low.

Some teams have one BANKRUPT segment, like you see on Wheel of Fortune.  While it will help reduce your average spin cost it may not be worth losing the hook that fans know they win something every spin.

One final note:  Laws vary from state to state.  You should check with your local and state regulation about prize wheels and games of chance to insure you are following local laws with your use.

Prize Wheels, accessories, Plinko and more games are available at The Store on Gameops.com.

Related Links:

Toss-N-Win
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Rollabana
Eco Friendly Ruler