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Casey
Casey

There has been a server error which prevents me from logging in to my account. Does anyone have the same issue?

Casey
Casey

There has been a sever error which prevents me from logging in to my account. Does anyone else have the same issue?

Steven
Steven

PrizePool is now offering an additional 5,000 20 cent prizes for each weekly series now, which should enable more people to get a prize each week now.

Chris
Chris

This seems wrong. I would think you would still need to report it if it’s under 600.

I won a prize! Do I have to pay taxes now?

Written by Frank Chien
That’s great! Saving money has really paid off for you!
If you win less than $600 (in a calendar year), you don’t have to worry about taxes. If you win over $600 (either all at once or with multiple prizes in a calendar year), we’ll send you a 1099 form in the new year which you can file with the rest of your income when you do your taxes.

sg77

What kind of winnings are people getting from this, with what balance kept there?

I’ve kept $500 there for a couple months, and I’ve won the same amount in every drawing, which is kinda strange. First monthly drawing 11/1: won $5; second month: $5; then weekly drawings 12/4: $2, 12/11: $2 (plus 10% for each one for using a referral link).

If someone has $1000 (twice as much) there, are you winning about twice as much? Though it’s hard to tell with a small number of drawings.

EDUARDO BAEZ
EDUARDO BAEZ

I have deposited only $483.00 since opening the account at the end of September 2020 and have earned $37.40 in prizes including referrals. So, my current balance is $520.40.

September 2020 drawing –> $5 monthly prize plus $0.50 referral prize ($5.50)
October 2020 drawing –> $10 monthly prize plus $1 referral prize ($11.00)
November 2020 drawing –> $10 monthly prize plus $1 referral prize ($11.00)
December 2020 Week 1 drawing –> $2 weekly prize plus $0.20 referral prize ($2.20)
December 2020 Week 2 drawing –> $2 weekly prize plus $0.20 referral prize ($2.20)
December 2020 Week 3 drawing –> $5 weekly prize plus $0.50 referral prize ($5.50)

sg77

It’s funny, after I posted on here, I didn’t win anything at all in the next 4 drawings.

storm
storm

Yotta has been underperforming for me recently as well. Finally got my HMBradley account opened, and I’ve been shifting my money there.

EDUARDO BAEZ
EDUARDO BAEZ

I won nothing in the last weekly drawing of January 8th, 2020. It was my first drawing without a prize.

Anyway, the more people on board, the less chance we have of getting a prize. So, we will start getting nothing more often now.

Few weeks ago, they stated a $500 balance gave you a 50% chance of winning a prize. Now, they say a $1,000 balance gives you a 50% chance of winning a prize. So, having only about $500 gives us slim chances of getting a price.

They are pushing people to deposit at least $5,000 since they say now a $5,000 balance gives you a 95% chance of of winning a prize.

They are escalating their game!

TK
TK

Not trying to be macabre the day before Thanksgiving but it is worth noting that PrizePool does not currently have a “beneficiary designation” function so may be some risks (delays) to your estate planning if you intend on using the account as a primary savings vehicle. I tried to add my wife as a beneficiary as I do with all my savings accounts and they said they could not, but working on it.

Clarity
Clarity

Maybe PrizePool can BEAM your savings elsewhere for a while. Why do people even fool around with their savings?

hype8912
hype8912

Because some of us consider it semi investment money for yield farming trying to find the best return. I have 6 months expenses of savings to the side but playing with sites like this are worth testing the waters to see what you can get over 90 or 180 days. I wouldn’t expect anyone to drop $50K on Prize Pool.

Clarity
Clarity

Thanks for the comment. Yield farming in this case sounds like a gimmick, as this account isn’t going to pay you much more than online savings rates. And if it does, I would be more concerned.

Better off opening bank accounts for sign up bonuses which offer better payoffs for your time and effort.

Casey
Casey

Please feel free to use the referral code [removed]. When you use this code to create an account, both you and I win additional 10% of any prizes you win. Here’s an example of how this works: You win that month’s $100 prize. You win an additional $10 ($100 x 10% = $10). You win $110 in total: $100 for saving prize + $10 for referral prize. I win $10 the month: 10% of your $100 prize.

Jeremy
Jeremy

No referral codes allowed here

Dillo
Dillo

*Pass-through FDIC Insurance.

Calvin
Calvin

On referrals: if you refer someone and they win $10, each person will win an extra $1. I won $500 last month however did not use a referral code, which means I could have won $50 additional 🙁 so it always makes sense to sign up with a referral code. If you’re interested in, please feel free to use my code [removed]

Jeremy
Jeremy

No referral codes allowed here