I think even 1000$ wagered/ticket is not enough. This promo runs 4 months, what good is it to draw from appox. 5 million tickets. I have around 150 tickets by now and already know I have 0 chance to win anything. This promo is running way too long in my eyes.
Long promotions like this one encourages their players to gamble more as it's similar to a wagering contest. The raffle should just be viewed as a bonus since we're all competing against one another and every day the chances of winning gets smaller. I don't mind promotions like these since it gives small players a chance to win as well. In the previous raffle promotion I remember seeing a bronze or silver vip member winning one of the prizes.