Welcome to the comminity ​@JC_at_BT 

Great idea! And yes, they can work well. Existing contact engagement from a prize draw can be high which is also great for sender reputation.

Some considerations:

• Theme: The brands/prizes should ideally be thematically linked in someway. Yours will be (home decor make over) so all good!
• Contact quality: Prize draws will always generate interest and submissions (people love freebies!) but the quality can be poor regarding serious potential customers when the reach is opened out beyond contacts who have previously engaged with, or purchased from, the business. For that reason, it's worth identifying entrants from paid channels or social for monitoring/analysis and cleaning if necessary.
• Owned contact lists for the prize draw outreach: 
  • As you already have their email (they're in your list) you could make the entry process easier (uplift entries) by directing them to an 'orphan' entry confirmation web page so no form to complete. A segment of link clicks to that page identifies them as a prize daw entry; a simple segment-triggered flow will also acknowledge via email. Of course, you may want to use the prize draw to collect additional profile data , so ignore this link-click approach if that is your intention and use a form.
  • Create a segment of profiles who have received the initial entry email and who have not yet entered the prize draw. Send them an entry reminder near to the prize draw deadline, say, on the day or 1-day before. That will uplift engagement/entries and without bothering those who have already entered.
• Loser follow up consolation: Something that works very well when the prize draw has ended is to email the losers a consolation discount (as a thanks for participating) with an expiry date -  so effectively a soft sale to warm contacts. Create a losers' segment of those who have not redeemed that discount and send a reminder 1 day before the discount expiry. A much better approach than just saying "sorry you didn't win" and these steps will generate sales. Anecdotally, I've had contacts praising the consolation discount! 

Hope that helps, any questions let me know.

Andy