"The number of race participants varies from about 50 to as many as 150. Everyone who pays the registration fee, typically $20, gets to take part in 'hat drawings' wherein all entrants win some sort freebie donated by local merchants. Drawing prizes range from $100 bills, lobster traps and motor oil to gift certificates for boat-painting services and pizza. Some boat owners pay the entry fee just to take part in the drawings but don't actually compete on the water, although race organizers frown on such behavior."
In Maine, a Rivalry Boils Up On the Lobster-Boat Racing Circuit
by Robert Tomsho
http://online.wsj.com/article/SB125115648215255195.html#mod=todays_us_page_one
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