How many participants should I include in my Gift Exchange?
While Standard games allow for as many players as you'd like, you should consider length of time, and participant engagement.
The time it can take to play will vary a lot by group, due to factors such as how long it takes to make decisions, how many rounds of stealing there are, how chatty the group is, etc. Generally we estimate as a ballpark 1 minute per participant. So if you want a 30 minute event, then 25-35 people makes sense. If you want a 60 minute event, then 50-75 participants make sense.
In general, we do not recommend more than 50-75 per gift exchange. While the system can support it, the average participant may not be as engaged since they have to wait so long for their turn. Depending on your goals, smaller groups of 25-40 are an ideal range.