One of the largest charity fundraising events at Boston University, the seventh annual Casino Night, will be held tomorrow night.

Sponsors from the School of Management said they hope to raise $20,000 this year for Horizon’s Initiative, a Boston-area children’s charity dedicated to the lives of homeless children.

Matt O’Hara, the executive vice president of SMG and co-chair of Casino Night, said the group hopes to raise the full $20,000, but realistically expects to get approximately $16,000 in ticket sales.

‘Every cent of the money that comes from ticket sales goes [toward] charity,’ O’Hara said.

All of the other costs are paid for either by the SMG student government or from outside contributions and donations, he said.

Student groups, including the different student governments from each of the schools at BU, usually donate funds to the event, O’Hara said. He said they received funding from every one of the schools at BU to pay for the event, which he said costs approximately $8,000.

Heather Neumann, SMG president, said the donations from the other schools have made this event possible, as well as more school oriented.

‘It’s now the BU Casino Night,’ she said. ‘It’s not SMG, it’s the whole school. There is no way we could do it without the other schools.’

A group of four SMG students, including O’Hara, met at the start of the year to research which organization would receive the proceeds from the event. He said they like to give the money back to charities, usually in the Boston area.

‘We like to have a local charity,’ he said. ‘So the money we give has an impact [locally].’

Casino Night raised $12,800 last year, which went to the Habitat for Humanity foundation, alongside a donation from the university, according to O’Hara.

Other groups that have received the proceeds from this event in the last seven years include Project Experience, Rosie’s Place, Junior Achievement and the Pine Street Inn.

The event will include such common casino games as blackjack, poker, craps, roulette and money wheel, O’Hara said.

‘The majority of the games are blackjack,’ he said. ‘It is easy to go in and out of the game quickly.’

All of the people who work at the event are volunteers, O’Hara said, including some SMG students, who get to play for half of the night and deal for the other half.

At the end of the event, players turn in their money and an auction begins for some of the larger prizes, which have been donated by local companies. This year some of the prizes include an XBox Game System, six tickets on an entertainment cruise, televisions, digital cameras, CD players and a palm pilot, according to the website. The prizes were donated from companies such as Best Buy and the Mass Bay Lines.

O’Hara said local companies are usually willing to donate because this is the largest charity event at BU, and due to the free publicity and a captive audience for retailers.

The event begins at 7 p.m. in the Fuller Building at 808 Commonwealth Avenue, and goes until 12 a.m. Tickets for the event, which provide you with ‘play money’ to gamble with, are on sale in the George Sherman Union today from 10 a.m. to 4 p.m. and at the door. Tickets bought at the GSU include $5,000 extra with which to bet, according to the event’s website.