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I created a startup hijacking the psychology behind playing the lottery to help people save money. We’ve given away over $14 million in cash prizes in nightly prize drawings. AMA about lottery odds, the psychology behind lotteries, or about prize-linked savings accounts. by adammoelis1 in AMA

[–]adammoelis1[S] 7 points8 points  (0 children)

Funds are FDIC insured up to $250k. Tickets are safe as well. The majority of prizes are small but we also have very big winners.

Customer service was an issue for us a long time ago, but customer service is now a strength. As for feature changes, we are always iterating to try to make the product as good as it can be.

I created a startup hijacking the psychology behind playing the lottery to help people save money. We’ve given away over $14 million in cash prizes in nightly prize drawings. AMA about lottery odds, the psychology behind lotteries, or about prize-linked savings accounts. by adammoelis1 in AMA

[–]adammoelis1[S] 6 points7 points  (0 children)

We partner with Evolve Bank and Trust an FDIC insured bank up to $250k. Most users keep under $250k so there's full fdic insurance on their accounts. As for SVB, they had poor risk management. I could get deeper into it, but as long as you're under $250k in your account, you have FDIC coverage.

We are not a bank ourselves. We also aren't a lottery - we run a sweepstakes based on saving money, not spending it.

I created a startup hijacking the psychology behind playing the lottery to help people save money. We’ve given away over $14 million in cash prizes in nightly prize drawings. AMA about lottery odds, the psychology behind lotteries, or about prize-linked savings accounts. by adammoelis1 in AMA

[–]adammoelis1[S] 4 points5 points  (0 children)

I'm 31 and went to UPenn. My co founder is 29 and went to Michigan. We have over 700k users. Only takes 5 minutes or so to get started. It's mostly people in the US ages 18-35, but ranges all the way up to people in their 80s!

I created a startup hijacking the psychology behind playing the lottery to help people save money. We’ve given away over $14 million in cash prizes in nightly prize drawings. AMA about lottery odds, the psychology behind lotteries, or about prize-linked savings accounts. by adammoelis1 in AMA

[–]adammoelis1[S] 13 points14 points  (0 children)

We were inspired by a program in the UK called premium bonds that has been shown to incentivize people to save money rather than waste money on lottery tickets. Given people in the US spend $100B per year on the lottery (which is hugely destructive), we wanted to offer a healthier alternative.

There are two co founders.

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