News & Analysis as of

Prizes

Be careful reselling a sweepstakes prize

by Thompson Coburn LLP on

Shortly after posting my article on sweepstakes winners who didn’t want the prize they had won, I noticed several articles about a sweepstakes winner who ran into trouble while trying to resell his prize....more

Sweepstakes Law: Prize Limits, Registration and Bonding

by Klein Moynihan Turco LLP on

Prize Amounts Can Have Sweepstakes Law Implications - Businesses are increasingly turning to sweepstakes and promotions as a means of attracting new customers and solidifying relationships with existing customers. In this...more

What to do when the winner of a sweepstakes or contest wants a different prize

by Thompson Coburn LLP on

What if you offer a sweepstakes and the winner wants to receive only a portion of the prize? Recently, a winner won a vacation for her and a travel companion. However, she did not want anyone to travel with her even though it...more

Texas Bill Proposes Revision to Sweepstakes Law

by Locke Lord LLP on

A bill was introduced Friday that would affect the applicability of the Texas sweepstakes statute. Texas Business and Commerce Code Ch. 622 regulates the advertising and administration of promotions that award prizes based...more

New Missouri law legalizes prize-based savings promotion programs

by Thompson Coburn LLP on

Late last year, a new Missouri law went into effect that allows banks and credit unions to sponsor certain savings promotion programs for their customers. Under these programs, by opening a new savings account or depositing a...more

Sweepstakes Attorneys: Protecting Your Promotions

by Klein Moynihan Turco LLP on

Promotions Law and Sweepstakes Attorneys - Conducting a sweepstakes, contest or other form of promotion can be a highly effective way of increasing your customer base, or creating stronger brand loyalty among existing...more

SEC Fines Fantasy Stock Market App Developer

by Klein Moynihan Turco LLP on

The Securities Exchange Commission (“SEC”) recently fined New York-based Forcerank LLC (“Forcerank”) $50,000 in connection with charges that Forcerank’s fantasy stock market mobile app illegally offers complex derivative...more

United States Olympians Score a Win against the 'Victory Tax'

by Davis Brown Law Firm on

On October 7, 2016, President Obama signed into law the United States Appreciation for Olympians and Paralympians Act (the “Act”), H.R. 5946. The Act amends Internal Revenue Code § 74, which governs the taxation of prizes and...more

FTC Sues Terry Somenzi Over Fake Prize Schemes

by Reed Smith on

Last week, the FTC filed a lawsuit against Terry Somenzi and International Advisory Services, Inc., among other defendants, for an allegedly fake prize scheme in federal court. According to the FTC’s complaint, the defendants...more

A Sweepstakes Lawyer Can Help Keep Promotion Sponsors out of Hot Water

by Klein Moynihan Turco LLP on

Last Thursday, the Federal Trade Commission (the “FTC” or “Commission”) sued several individuals and businesses in a Los Angeles federal court for engaging in allegedly deceptive sweepstakes sponsorship and marketing...more

Social Media Competitions in the UK: Play Fair

With 1.65 billion users on Facebook, 332 million users on Twitter and 400 million on Instagram, it is unsurprising that many companies are seeking to increase brand awareness and customer engagement by running competitions...more

Tax Brackets: Revisiting the Tax on Gambling Winnings just in Time for the NCAA Tourney

by Davis Brown Law Firm on

March Madness is upon us and, at least until Thursday, all brackets have yet to be busted. When completing your bracket for your office pool or a pick ‘em group with friends, keep in mind the tax consequences if you hope to...more

Is it a game of chance or a game of skill?

by Thompson Coburn LLP on

As most of the readers of this blog already know, a sweepstakes or contest that contains a prize, consideration, and chance may be found to be an illegal form of gambling in most states. For that reason, it is important to...more

UK: Tweaks to Rules on Sales Promotions and Competitions

by DLA Piper on

The UK’s Committee of Advertising Practice (“CAP”) has introduced changes to the provisions of its advertising code which deal with the running of sales promotions, including prize promotions. The full regulatory statement...more

FTC obtains $9.5 million judgment against fraudulent sweepstakes operators

by Thompson Coburn LLP on

On February 11, 2015 the Federal Trade Commission announced that it had accepted a $9.5 million settlement in a case brought against a sweepstakes operator for violating a previous FTC order. The settlement also permanently...more

Running a Sweepstakes or Contest on Social Media?

If entry for the chance to win a prize requires participants to post content featuring your company’s products or services, the participants should be instructed to disclose that their posts are pursuant to a contest. ...more

FTC Says That Sponsors of Pinterest Contests Should Require Users to Post Pins with Hashtags Warning When Pins are Posted for a...

by BakerHostetler on

In a March 20, 2014 closing letter sent to fashion company Cole Haan, the FTC warned that use of the hashtag #WanderingSole in conjunction with a recent Pinterest contest did not adequately communicate the “material...more

Prize Promotions Across the World (Global)

by DLA Piper on

Prize promotions are an effective and increasingly popular marketing tool used globally for attracting customers. The internet and various social media platforms make this an attractive, cost efficient means of reaching a...more

Tax Law Blog: Taxing Olympic Winnings

by Davis Brown Law Firm on

You may or may not have known that Olympic medalists receive a cash prize for winning a medal (in addition to the physical medal, the notoriety, and the likelihood of endorsements). U.S. medalists receive $25,000 cash for a...more

The Tax Court Of Canada And The World Of Opera

by Dentons on

Moliere once said, “Of all the noises known to man, opera is the most expensive.” In Knapik-Sztramko v. The Queen (2013-799(IT)I, October 17, 2013), the Tax Court of Canada managed to reduce some of that cost, at least...more

Advertising Law - Apr 25, 2013

- Marc Roth Invited to Present on Privacy Issues in Marketing at NYC Bar CLE Program: On May 3, 2013, the New York City Bar Center for CLE and the Brand Activation Association (formerly the Promotion Marketing...more

Three Point Shot - March 2013

by Proskauer Rose LLP on

In this Issue: - Reversal of Fishy Court Opinion Gives Boat Crew Another Chance to Reel in a Million-Dollar Prize - Don’t Eat the Yellow Snow - Grades for Football Prospects Copyrightable, But Sports Writer Not...more

Contest insurance, part two: Protecting your payout

by Thompson Coburn LLP on

Part 1 of this series discussed how important it is to have contest insurance if the promotion has an expensive prize. It also warned that there are scammers who will sell you insurance but refuse to pay if someone wins the...more

Contest insurance, part one: Get it or regret it

by Thompson Coburn LLP on

Recently I have helped several clients with contests that seemingly required entrants to do the impossible to win a prize. One promotion required contestants to guess a six-digit code that would open a safe. Another involved...more

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