Saving Money: Startup Bets People Will Do It for a Chance to Win $10 Million

Man photographing check with smart phone

Photographer: Tetra Images/Digital Vision

At a time when some Americans are being tempted to pour their savings into risky investments, the son of a Wall Street veteran is encouraging them to set aside more money.

Adam Moelis, whose father Ken Moelis runs investment bank Moelis & Co., has managed to attract new accounts worth almost $40 million in two months at his startup, Yotta Savings. The hook is that Yotta gives people a sweepstakes ticket for every $25 they save. A weekly drawing gives customers the chance to win between 10 cents and $10 million.

With 6,500 customer accounts, it still has a long way to go before it can catch up with competitors. Another banking challenger, Current, has gathered more than 1 million accounts since its 2015 founding. And several other rivals are entering the fray. Additionally, millions of people signed up this year with 

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Sharp bets in Vegas make Raiders 3-point favorites over Panthers

The Raiders were favored in only three games this year when the lines on their inaugural season in Las Vegas were first posted at the city’s sportsbooks.

Now make that four.

In the biggest early line move of Week 1 of the 2020 NFL season, the Raiders are 3-point favorites over the Carolina Panthers on Sunday after the line opened at pick’em for the game in Charlotte, North Carolina.

Sharp money pushed the line to 3 on Sunday at William Hill, where Carolina opened as a 1½-point favorite, and the line moved to 3 (-120) on Monday at most Las Vegas books.

“And it’s probably headed to 3½,” William Hill sportsbook director Nick Bogdanovich said. “If it went from 1½ to the other side 3, there’s definitely a sharp influence. It’s a combination of sharps and the public. They all like the Raiders.”

Westgate vice president of risk Jeff Sherman

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