So, there's a really interesting way to get people to save. It is called the Prize Linked Savings Account. The idea is fairly simple - to encourage savings, savings accounts are randomly awarded prizes, the proceeds of which are paid from a slightly reduced interest rate. While the net cost to the bank is basically zero, the incentive has been proven statistically to dramatically increase savings rates among the poor, thus making them better off financially.
The problem, or so I have heard, is that the gaming industry views this as competition, and therefore banks who would do this must submit to all the rules and regulations of the gambling industry.
Is this the case? Are Prize-Linked Savings accounts only legal if they are done under the regulatory authority of gambling statutes (and hence state level things) in the US?