They are “no lose lottery” in the sense that you don’t put up money directly to enter, you just open a “savings account”. But they pay far less than market rate to fund the payouts. So in a sense, you pay for the entry with reduced returns on your “savings”.
Yes, similar to government-backed premium bonds, in the countries where they do stuff like that. But they are not run by the government, so they need to be called something else.
The phrase “no loose lottery” should be a red flag right away.
Normally, yes, but Yotta looks like a form of “Prize-based savings”
https://en.m.wikipedia.org/wiki/Prize-linked_savings_account
They are “no lose lottery” in the sense that you don’t put up money directly to enter, you just open a “savings account”. But they pay far less than market rate to fund the payouts. So in a sense, you pay for the entry with reduced returns on your “savings”.
So similar to premium bonds? Usually those are government backed though.
Yes, similar to government-backed premium bonds, in the countries where they do stuff like that. But they are not run by the government, so they need to be called something else.
Yeah it’s a big red flag but how did it work?