Raffles are scams. In your raffle, the expected value of winning was 1/100 x $400 = $4. Anyone who bought a ticket for $10, should expect to lose $6 for every similar raffle they played. Another way to look at it is: if you played the raffle 100 times, on average you would win 1 time. 100 tickets would cost you $10 x 100 = $1,000 and you would win a $400 cue, so you would lose $600. Lesson: if you like the cue, buy it yourself for $400 instead of playing the raffle--it's cheaper. Also, you have no idea whether the raffle is being run fairly, i.e. the raffle administrator could just say, so and so won the cue, which means your actual probability of winning the raffle was 0.
Let's see: that would make the probability of winning 1/10, and the prize is $400, so the expected value of playing that raffle is: 1/10 x $400 = $40. With tickets costing $10, on average I would make $30 every time I played that raffle. Or, if I played that raffle 10 times, on average I would win it 1 time. To play the raffle 10 times would cost me 10 x $10 = $100, and I would win a $400 cue, so I would come out $300 ahead. Answer: very favorably.