If you don't use an escrow then no one is going to believe what you're saying here because if you close the site after some time then whoever promoted your site to bring referrals also will be part of this scam. So I don't want to promote your site for those small bucks.
You better make a fast decision to use an escrow to secure your funds to get more buyers.
Hey Miner,
Just as with any feedback that we get from others, we need to weigh the pros and cons before implementing it. We started this raffle just this month, and decisions like this takes time; so this is currently still in discussion among our team. In my opinion (not my team decision), I am not for escrow idea because of the following reasons.
From my research on other raffles, like Princess Margaret Lotto for example, when they get let's say 10% of the revenue in their bank, they begin to spend it on advertising and operating costs. So right now, it's a working business model vs escrow which isn't used in raffles that I know of. Keep in mind that Satoshi Dice and other big risk formats don't have escrow too. None of the big bitcoin casinos have that (correct me if I am wrong). Moreover, you need to be wary even if someone uses escrow because there are scams there too (https://blockonomi.com/erc-20-token-guide/#Watch_Out_Scammers_Can_Make_ERC-20_Tokens_Too). Also, what if our escrow provider goes under and our funds are tied up? Then all our efforts would be ruined as well because of someone else.
Also, since this is round 1, we are using most of our profits to promote our raffle. For example, you already know about our affiliate program and our banner advertisements in various sites; you also know about our free tickets given out initially and we are also planning to have multiple smaller draws along the way, so our overhead cost is huge for round 1 Another problem with the crypto world, since we are accepting only crypto payments, what if we have our escrow funds in BTC, but BTC crashes and we have to pay $1,200,000 USD in prizes? I doubt escrow would give us the flexibility to transfer a portion to stable fiat money and to use our revenue towards promotions. Once again, this is only my personal opinion and this does not reflect a final decision from my team as we are still debating on using an escrow.
Regards,
CryptoEbe