2 years ago, I started a company to put the lottery out of business and help people save money. We've given away over $6M in prizes. AMA about the psychology of the lottery, lottery odds, prize-linked savings accounts, or the banking industry.
40% of Americans can’t come up with $400 for an emergency & the average household spends over $640 every year on the lottery.
This statistic bothered me for a while…After looking into the UK premium bonds program, studying how lotteries work, consulting with state lottery employees, and working with PhDs to understand the psychology behind why people play the lottery despite it being such a sub-optimal financial decision, I finally co-founded Yotta - a prize-linked savings app.
Saving money with Yotta earns you tickets into weekly sweepstakes to win prizes ranging from $0.10 to the $10 million jackpot.
A Freakonomics podcast has described prize-linked savings accounts as a "no-lose lottery".
We have given away over $6M so far and are hoping to inspire more people to ditch the lottery and save money.
Ask me anything about lottery odds (spoiler, it’s bad), the psychology behind why people play the lottery, what a no-lose lottery is, or about the banking industry.