In some sense, giveaways are all first come, first served -- you have to enter before they run out. But I do get the idea of limiting the number of entrants to increase chances of winning. There are already some other ways to do that though. You can make short duration giveaways (e.g., 1 hour), make them for groups and/or contributors, or make them private and only give the link to people you want to enter (maybe just in the forum or chat). Some of these can be combined, further limiting the entrants, and in some cases (maybe just private ones) you can add extra entry requirements; for example, in a complete pack giveaway, people with the base game can't enter. And with the point system here, people have to be at least semi-selective about which giveaways they enter. I'm not sure we need an additional maximum number of entries limitation on top of what's already available.
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Oh yes, a suggestion that has appeared a long time ago, and reappears occasionally.
It has been a NO for a long time already, stop suggesting.
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Why not make it an option for a certain number of slots to be included in a giveaway to increase one's chance of winning a giveaway? First come first serve :D
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