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For legal reasons, we need to have a mail-in option. It's called an AMOE ("Alternate Method of Entry"). We prohibit automated entries though and each mail-in e
by adammoelis 6y ago
For legal reasons, we need to have a mail-in option. It's called an AMOE ("Alternate Method of Entry").
We prohibit automated entries though and each mail-in entry needs to be handwritten sent in its own envelope. The postage costs more than the EV of one entry, so we don't expect this to be an issue.
- davidclark22 6y agoFirst off, very cool idea. I'm a fintech PM and had the idea to build something similar. Glad to see someone doing it! From my research, it sounds like, because prize linked savings accounts are so new in the US, it's unclear whether requiring someone to have an account would count as consideration. By offering an AMOE are you taking a conservative position on this until it's more clear? Or, has a judge/court ruled on this? I was involved in a sweepstakes at a bank a couple years ago and we took a similar route as you, offering a mail in AMOE, requiring handwritten entries. Without any marketing, we received several thousand entries, mostly from people who mail in entries to every sweepstakes they find.
- adammoelis 6y agoYes you're spot on. We are taking the conservative approach for now by operating as a sweepstakes. We haven't had any issues with mail-in entries. I suspect because in our case the EV of a single entry for a single week is less than the postage cost.
- abalaji 6y agoHaha I did the math on this for that exact reason. I guess it only makes sense if you live in New York and can walk by the mailing address.