yottasavings

A traditional bank pays a tiny amount of interest to all of its depositors. We work with online banks that pay a higher yield and we use that yield to pay out most of the prizes. We are skewing the interest payments. This is a very common thing outside of the U.S. It's called Prize Linked Savings (https://en.wikipedia.org/wiki/Prize-linked_savings_account).

For the $10 million jackpot we work with an insurance company to be able to offer that.

They weren't familiar at first, but after explaining exactly how it works (it's really no different fundamentally from a business model perspective as a normal savings account) and showing the success of similar products in other countries, like Premium Bonds in the UK, Bonus Bonds in New Zealand, and Save to Win in Michigan, it wasn't hard to get them on board.

Plus, there's a ton of data around how prize-linked savings programs are beneficial for society as a whole. That helps too.

For the jackpot we partner with an insurance company to offer that prize. Which actually means we want someone to win it and ensures that the sweepstakes is totally fair!

Lol sure you can put your lottery winnings right into it! ... sarcasm

Yes! We are excited for rates to go up a lot this year.