FDIC insured savings account plus lottery (USA only)

pmbug

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I've been monitoring a discussion on another forum about this for roughly four months now. It's a legit thing. I recently signed up for an account and am now sufficiently confident in it to mention it here.

It's an FDIC insured online savings account that gives you lottery tickets every week based upon how much you have on deposit (1 ticket for every $25 deposited). Lottery winnings can range from $0.10 to $10million. The annual percentage yield including guaranteed interest plus average expected lottery winnings seems to run around 1.4% right now. Not too bad for a no risk, liquid cash position.

They have an affiliate program so opening an account with the following link gets you and I both 100 free prize tickets for a week:


Feel free to join on your own without an affiliate link.
 

Chigg

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I wonder if you lived in a state that does not have a lottery or allow online gaming would be eligible to open an account.
 

pmbug

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I'm not sure that there is any legal issue. It's an FDIC insured savings account.

Maybe an issue if you struck lightning and won a grand prize, but otherwise small winnings are direct deposited like bank interest.

I'm not a lawyer and the above isn't legal advice.

Yotta FAQ page doesn't address your issue specifically, but indicates that anyone in the USA can open an account.
 

pmbug

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Just read the official rules and legally its a no purchase necessary sweepstakes. Not a lottery.

 

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I won a total of $0.35 on 3 out of 204 tickets. A family member I referred won $0.20 on 2 out of 24 tickets (hitting 2 out of 24 tickets is pretty lucky). We both created our accounts after Monday, so our tickets missed opportunities for some of the drawing numbers.

It looks like the vast majority of tickets win only if you hit the Sunday number draw. Numbers range from 1 to 70, so it's a low chance. I would expect to average one winning ticket every week per every 70 (randomly picked) tickets owned.
 

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So our family pool has several hundred tickets currently. Before last night's draw, the pool results for the week were looking pretty sad. We only had one ticket that had 3 matches. However, last night's number also matched that ticket, so we now have our first 4 match ticket ($10 reward). If it manages to hit tonight's number (1/70 chance), it will share a $1,000 reward with other winners Yotta wide (estimated at $30 reward).
 

pmbug

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Yotta changed their ticket allotment schema (via email):

*Yotta Update*

Thank you for being a Yotta user! We are announcing a change to Yotta's ticket system.
Beginning May 3rd, you will earn 1 ticket for every $150 on your balance above $10,000. You will still earn 1 ticket per $25 on the first $10,000 in your account.
For example, if you have $11,000 in deposits, the first $10,000 will earn 400 tickets and the remaining $1,000 will earn an addiitonal 6 tickets for a total of 406 tickets.
*Why is it changing?*
Our ticket rates are tied to macroeconomic factors such as short term interest rates, which are at record lows.
We are making this change to maintain the size of our prizes in this environment.
...
 
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