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Rules on Spin of Prize Wheel for Every New Account

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Now that Reg Q is gone, what are the rules or what do we need to disclose if we want to offer a spin of a prize wheel (Prizes are from $25 - $200 ) for each new account opened? We are moving locations and would like to have this be part of our grand opening event.

You need to consult your legal counsel. Based on your description this appears to be a lottery which would be prohibited under Federal and state law.

First published on 7/16/12

First published on 07/16/2012

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