If you could get $5,000 for a $300 prize I've been raffling off the wrong stuff!
Sure--more prizes are better--it's called a "Tricky Tray" (Chinese Auction). With Bertha's help we cleared just about $12,000!
As Bertha and melloweer said--all you need is that gaming license/registration with the local authorities to let everyone know you're on the up and up and you're ready to go!
We sell as many tickets as possible. The more you sell the more you make. Besides, you can never make too much.
Here in NJ, as long as you have a gambling license you can raffle off your momma if you want to! You just need to get a town permit and have your gambling license on hand in case anyone wants to see it.