50/50 club

We are considering launching a 50/50 club or something similar.
 
The clubs work in the following manner:
 
Participants commit to taking part in a draw for a school year.  Each participant 'buys' a number.
 
Each term a draw is held.
 
A portion of the money raised is paid to each of e.g. three numbers drawn and the remainder goes to the Friends.
 
So its a bit like the National Lottery but on a smaller scale!
 
Obviously such draws are tightly regulated and we would need to obtain the relevant licences etc but it will only be worthwhile if people are willing to sign up.
 
If you are interested in finding out more, please add your name and class (e.g. 'EE' for Emerald Eagles') to the doodle poll.