Bank of Queensland (ASX:BOQ) has rejected suggestions that its latest promotion, “Save to Win,” constitutes gambling.
The promotion, in which accounts with a balance of over $250 will be entered into a monthly draw to win cash prizes, is not gambling because there's no way to lose money, the company said.
“The capital – the customer's savings – doesn't disappear like it can with gambling,” and will only keep increasing due to interest accrued, BOQ said in a statement.
But because BOQ said the prize pool was funded by a proportion of the interest that would be accrued by an account, the promotion has been criticised as gambling by parties including consumer group Choice and independent senator Nick Xenophon.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.