BoQ denies gambling claims about new promotion

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.