Win a Ferrari F8, Richard Mille watch, and £100,000 cash for 5p

A competition promising one of the most extravagant prize bundles of the year has gone live, giving one winner the chance to take home a Ferrari F8 Tributo, a Richard Mille watch and £100,000 in cash.

Entries for the Elite Competitions draw start from just 5p, with the winner receiving all three prizes rather than having to choose between them. A £325,000 cash alternative is also available for anyone who would rather skip the supercar and luxury watch.

The headline prize is a 2020 Ferrari F8 Tributo finished in Rosso Scuderia Red, with just 9,300 miles on the clock.

Powered by a 3.9-litre twin-turbocharged V8 engine, the 710bhp Ferrari can accelerate from 0-60mph in a claimed 2.9 seconds. Its top speed is listed at 211mph, with power sent through a seven-speed dual-clutch transmission.

The exterior specification includes yellow brake callipers, Scuderia Ferrari shields, front and rear parking sensors and several matte black details, including the front bumper, side skirts and rear finned diffuser.

Inside, the Ferrari F8 features electrically adjustable special-design seats, red stitching, a yellow rev counter and carbon-fibre dashboard trim. There are also titanium-effect details across the steering wheel, dashboard and air vents, plus launch control, dual-zone climate control and a Vodafone tracking system.

Alongside the Ferrari, the winner will receive a Richard Mille RM029 Automatic watch dating from 2014.

The model has a Grade 5 titanium case, a skeletonised automatic movement, oversized date display and sapphire crystal at the front and back. It is finished with a blue rubber strap.

Richard Mille watches are among the most recognisable pieces in the luxury market, with their bold cases and complex movements regularly associated with elite athletes, celebrities and collectors.

The final part of the package is £100,000 in cash, which the competition operator describes as tax-free. That money could cover the running costs of the Ferrari, fund a property deposit or simply provide the winner with a substantial financial cushion.

Tickets normally cost 5p each, although larger bundles reduce the price per entry. A bundle of at least 300 tickets costs £13.50, saving 10%. Buying 1,500 or more costs £56.25, representing a 25% saving, while the 3,000-ticket package costs £90 and cuts the ticket price by 40%.

That means the largest advertised bundle brings the effective cost down to 3p per ticket. A maximum of 30,000 entries is allowed per player, while the competition has an overall limit of 19,999,999 tickets.

The Elite Compeitions live draw is scheduled to take place at 9pm on Thursday, July 30. A free postal entry route is also available, with entrants advised to read the full instructions and deadlines before submitting an entry.

As with any prize draw, buying more tickets increases the number of entries held but does not guarantee a win. Players should set a firm spending limit and only enter with money they can comfortably afford to lose.

There will be only one winner, but they will face a choice most people would be delighted to make: collect the Ferrari, Richard Mille and £100,000 cash, or walk away with the £325,000 alternative instead.