What are the 2 types?
Raffled - winners are randomly selected when the giveaway closes.
Claimable - anyone with enough points in their reward account can claim the prize.
Raffled Prizes - In Detail
Here's the gist: members commit reward points to a raffled prize while the giveaway is open. Once the giveaway closes, we randomly select the winners but with an odds-bias based on the number of points each person committed to the prize.
In other words, the more reward points you commit to the prize, the better your chances are of winning it.
For example, a member that commits 90 points to a raffled prize has 10x the odds of winning it over a different member that only committed 9 points to the same prize.
You can think of it like pulling raffle tickets out of a bowl. The more tickets you have in the bowl, the better your odds are of being selected. In fact, if the bowl has 1,000 tickets in total (or "points committed by the community in BackerClub's case) and you have 50 tickets (aka "points") submitted, you have an exact odds of 50:1000 of winning. The math is exactly the same for our giveaways and raffled prizes.
Here's the summary of what to know about raffled prizes:
Raffled prizes involve luck.
Commit more points to a raffled prize to increase your odds of winning it.
While the giveaway is still open, it is possible to reclaim your points from your existing entry. However, once the giveaway is closed, the points are locked and cannot be reclaimed any longer.
While a giveaway is open, you can commit points to a prize multiple times. For example, you could commit 10 points today, earn more points, and commit an additional 10 points afterwards. As long as the giveaway is open, you can commit (and reclaim) points for a prize.
Your odds of winning a prize follow this exact ratio - your points : all points committed by the community. It doesn't matter if 2 people or 2,000 have committed points to the prize, your odds of winning are precisely the number of points you committed divided by the total points committed by the community.
To learn how to participate in a raffled prize on our website, click here.
Claimable Prizes - In Detail
Our claimable prizes do not require any luck to win them. Instead, they require a certain number of reward points to purchase, or "claim", them and as long as a member has enough reward points in their account (and the prize isn't already sold out), that member can immediately purchase the prize.
A key point, hinted at above, is that most claimable prizes are limited in availability, usually between 2 and 20 spots. This means it's important to be notified early and claim immediately if the prize is something you're interested in (a great reason to subscribe to our newsletters and browse our site frequently, as new giveaways open daily).
Here's the summary of what to know about claimable prizes:
Claimable prizes do not involve luck.
Claimable prizes have a set "price" of a certain number of reward points required to claim the prize.
Claimable prizes are usually limited to a certain number of winners.
As long as you have enough points available and it isn't sold out, you can immediately claim a prize.
Once you have claimed a prize, you cannot withdraw your entry to get the points back.
Once a giveaway has closed, claimable prizes are locked and cannot be claimed further.
It is possible to claim and claimable prize and enter a raffled prize within the same giveaway. If you happen to win both, we will provide both winnings to you. If the winnings are essentially the same thing (perhaps just differing in value), we will provide the more lucrative prize to you.
To learn how to claim a prize on our website, click here.