A new raffle has been launched in Canada to support the country's Olympic athletes ©COC

A new 50/50 raffle has been launched in Canada to boost investment into the country's team for the Tokyo 2020 Olympics and future Games.

The "Team Canada 50/50" raffle is organised by the Canadian Olympic Foundation (COF) and offers people in the country the chance to win cash as well as supporting the nation's athletes.

Each winner will take home half of the final jackpot and the other half will be invested into the winner’s province or territory.

Canada is set to send its largest team to an Olympics since Los Angeles 1984 at Tokyo 2020, due to open next Friday (July 23).

Provincial and territorial raffles will be held under the initiative from the COF, the charitable arm of the Canadian Olympic Committee (COC).

Canada are set to field their biggest Olympic team since Los Angeles 1984 at Tokyo 2020 ©Getty Images
Canada are set to field their biggest Olympic team since Los Angeles 1984 at Tokyo 2020 ©Getty Images

The COC said net proceeds from each provincial raffle will be "invested directly into the respective provincial and territorial sport system, helping athletes to pursue their Olympic dreams". 

"With the Olympic Games just moments away, the Team Canada 50/50 will add to the excitement," said COF chief executive Cindy Yelle.

"This historic national effort allows sports enthusiasts to lift Team Canada to new heights while directly impacting sport in communities across the country.

"Every Canadian who participates in the 50/50 is helping us deliver on the potential to help make Team Canada the greatest it can."