1. A prize for a raffle may be cash or merchandise but may not be real estate. No single cash prize may exceed twenty-five thousand dollars and the total cash prizes in one day may not exceed twenty-five thousand dollars. However, on not more than two occasions per year a licensed organization may, at the request of a winning player, exchange a merchandise prize valued at not more than twenty-five thousand dollars for a cash prize.

2. The maximum cash prize limits of this section do not apply to a public-spirited organization that supports amateur collegiate athletics.

3. An organization permitted to conduct raffles in this state may conduct an electronic fifty-fifty raffle either by manual drawing or by using a random number generator. Electronic fifty-fifty raffle tickets must be sold and drawings held onsite at the location of and on the date of the event. Electronic fifty-fifty raffles may not be conducted online over the internet.

4. A licensed organization permitted to conduct raffles in this state may sell online over the internet and may accept an electronic payment, including payment by a debit card or a credit card, for the purchase of a raffle ticket. An organization that accepts payment by credit card for the purchase of a raffle ticket shall limit an individual's ticket purchases using a credit card to five hundred dollars per day, not to exceed one thousand five hundred dollars per week. If a licensed organization accepts electronic payment for the purchase of a raffle ticket, the organization shall verify the ticket purchaser is at least eighteen years of age and physically is located in the state.