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View submission: Sunsetting Secret Santa and Reddit Gifts
They made money by selling elves memberships (which they mention in the post). They aren't very public about info, so I have no idea how that cut into the operating budget, but they at least made something.
Edit: Also, the guy who started it offered to take over everything again, including all of the costs, and even run Reddit's ads. And instead they're going to axe it for no apparent good reason.
There's nothing here!