Is our Drawing a Lottery?

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Question:

If we have a situation where your name goes into the "hat" if your customer or a referral you made opens an account or deposits $50,000 new funds into the bank, when the prescribed period is over a drawing will be made for a prize (example $500 gift card), this would be a lottery, right?

Answer:

The 3 parts of a lottery are:
1. Prize – a $500 gift card
2. Consideration – the banker worked, probably extra hard to get that deposit and may have done so on their own time outside the bank
3. Chance – the drawing is random to select the winner.

Yes, I would consider this technically a lottery.
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