This app is designed to use people’s desire to play the lotto to get them to save. As users start saving money in a Long Game account, users will earn chances to play lottery-like games–spinning a wheel, flipping cards, and Omega millions, the startup’s version of Powerball. Each week, users will have a chance to win a million dollars. Unlike the lottery, you never lose your money. Each penny of savings that goes into the free savings account stays there (FDIC-insured, and earning up to 10 times the interest rate of a traditional bank, as a bonus)-It’s completely free.
As more customers start to use the app, the startup plans to iterate on the design of the games to see what makes customers save the most. The app offers a number of rewards, including the weekly million-dollar drawings. The funding comes from banks–some of the money they spend acquiring new customers will be paid to Long Game, which pays those funds out in prizes.
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