Earlier this week, Coinbase and its sweepstakes administrator agreed to the terms of a class action settlement in the matter of Suski v. Coinbase, Inc. After nearly four years of litigation, including a trip to the United States Supreme Court, Plaintiffs accepted $2.25 million dollars to settle their crypto sweepstakes
Legal sweepstakes are an effective means for brands to attract consumer attention and interaction through the allure of possible prize winnings. Some sweepstakes operators, however, have attempted to create business models based primarily on offering stand-alone forms of serial sweepstakes called “social casinos” or “sweepstakes casinos.” These newer models may
The culmination of every successful sweepstakes promotion involves the picking of a winner, or multiple winners, as applicable. Winner selection also provides the sweepstakes operator with the opportunity to generate positive publicity through the publication of the winner’s name and likeness. Prior to awarding the prize and making an announcement
Earlier this year, Coinbase ran a Bitcoin sweepstakes promotion offering the chance to win one of six prizes, with the top two prizes amounting to the equivalent of $1,000 USD in Bitcoin (along with merchandise and event tickets). Note that our office has not reviewed the Official Rules for Coinbase’s
Unique and highly coveted prizes provide an effective means for brands to drive consumer engagement with sweepstakes and promotional contests. Because prizes serve as the lure to entice consumers, sweepstakes operators have an incentive to offer prizes of significant value. However, business should remain mindful that certain state law requirements
Conducting a sweepstakes promotion through a social media venue provides businesses with a potent marketing combination: Sweepstakes sponsors can increase engagement with their social media accounts, while increasing brand awareness through the allure of prizes. However, there are numerous regulatory considerations and social media network rules that apply to each
By awarding prizes in connection with a sweepstakes promotion, a business can generate valuable publicity and goodwill. This is especially true when the sweepstakes sponsor is able to publish the name and/or likeness of the winner. Putting a name and face to the winning entrant is an effective means of
The allure of prizes offered in a sweepstakes promotion can be an effective means of attracting consumers to a brand and/or its specific products/services. This is especially true when the prize in question involves tickets/admission to a highly sought-after live event. Before proceeding with such a promotion, however, businesses must
Sweepstakes promotions can be valuable tools for businesses seeking to attract new customers. Unlike static ads, newsletter sign-ups and other basic website registration forms, sweepstakes incentivize consumers to provide their information to businesses by offering entrants the chance to win prizes. As noted, sweepstakes can be a viable means for
Earlier this week, Stryve Foods, Inc. (“Stryve”) announced the launch of its Bitcoin sweepstakes – allegedly the first of its kind by a meat snack purveyor. Participants will be given the chance to win one of five prizes, each equal to $1,000 USD in Bitcoin. Note that our office has
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