Sporting events, contests or tournaments offer many ways to raise funds. Sporting contests work especially well for fraternities because there are already rival houses who will be more than willing to compete against each other for bragging rights, even if they have to pay. Basketball, football, golf or even table tennis contests can get a lot of people involved, both on the field and as spectators. Charge contestants or teams a fee to participate. You can also sell tickets and charge admission. Have a food or concession stand for extra money. Have raffles or door prizes between games to keep spectators involved and spending money.
A date auction is a great way to get a big crowd and to raise a lot of money. The college crowd responds well to date auctions because people have a chance to win a date with people they might not have been brave enough to ask out. Solicit volunteers from fellow sororities and fraternities to be auctioned off for a date of their choosing. Include both men and women and charge admission to the auction. You need an auctioneer to introduce each volunteer who then should describe themselves and talk about what they like to do. Date auctions can bring in a lot of money because the bidding can get frenzied and competitive.
A classic fundraiser idea for fraternities is selling food. Bake sales are a low-cost way to bring in money, but they don't have a very high earning potential. Have a barbecue or outdoor cookout at the fraternity house and sell tickets or plates in advance to make it a fun gathering instead of a boring bake sale. At the event, you can have contests, games or door prizes to bring in every dollar you can.
Jello wrestling is a wacky spectacle where contestants wrestle in a large pool of jello or other substance in front of a crowd. Fraternity houses can host this event in a living room or backyard with little upfront cost. All you need is an inflatable pool and enough Jello mix and water to fill it.This works well when combined with food sales or sporting events. Charge participants to wrestle and charge admission. Offer a small prize to the Jello Wrestling Champion of the house.