First National Bank Loses Appeal of Illegal Lottery Competition

First National Bank thought they were running a legitimate competition in which people could have the chance to win a million dollars by putting money into an account for thirty two days.

The competition had people putting one hundred dollars into a thirty two day notice account. With the money in the account, people had the chance to win one million dollars.

A Pretoria High Court order ruled that the competition was against the law, and that it constituted illegal wagering. The bank does not believe what they were doing was illegal.

The bank feels that since the money could have been withdrawn from the account in full after the thirty two days, that there was no risk of losing money. That, they claim, did not constitute gambling.

The court, however, saw things differently. They claim that the competition is prohibited under the Lotteries Act. The bank appealed the ruling.

The Supreme Court of appeals ruled on Friday in favor of the High Court, and did not accept the argument from First National. The appeal was then dismissed.

March 29, 2008
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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