doyleb

"Too good to be true" is definitely a problem we run into. We make money the same way any bank does, via lending out the deposits and via a small interchange fee charged to the merchant when customers use our cards. Our net prizes paid out are comparable with other high yield savings accounts / rewards credit cards but the random reward makes it (hopefully) more engaging

The insurance companies actually love this since there's no element of skill involved so the odds of winning can be computed exactly

Fun fact: We use the same kind of insurance for the weekly $10,000,000 sweepstakes at Yotta: https://www.withyotta.com

We only use first names and last initials along with cities for social proof to show that people are winning, and we only show when a ticket has won a notable amount so there's a fair amount of randomness to who shows up (currently >$10)

We also allow you to be completely anonymous from the privacy settings within the app.

I'm the same way, I know the lottery is a terrible bet but I still find myself buying a ticket every now and then. This was one of the main motivations for starting Yotta for me.

Will definitely check out The Lottery in Babylon!