Help and advice on possible new business idea

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Hey guys, I am using myLot for a bit of market research, finding out whether you think a possible idea of mine has the potential of doing well or not. I dont want to give too much away but basically it is a caller competition. It works a little like this, I will market/advertise a premium rate number where every 100th caller wins an iPod. My other option is to run a comp where every 150th caller wins a Wii or every 200th caller wins a PS3. To abide with UK laws it would have to have an end date so that the prize would definately be won even if only one person calls so to start off with im thinking more along the lines of the ipod to cut my potential losses. The call would last no longer than 3 mins and is charged at £1.50 a min so you can work out the potential profitability. I am at uni at the moment and I think for the meantime that will be my best market to advertise too, pumping flyers all over the place advertising the number and the competition. I'm just looking for any response you can give, would you call the number? Would you tell other people about it? etc. Any help or advice would be much appreciated. Phil