The Collaborative International Dictionary of English v.0.48:

Raffle \Raf"fle\, v. i. [imp. & p. p. Raffled (r[a^]f"f'ld);
   p. pr. & vb. n. Raffling (r[a^]f"fl[i^]ng).]
   To engage in a raffle; as, to raffle for a watch.
   [1913 Webster]