They’re going to be winning a little more often, but pocketing less at iWon.com as the loyalty portal shrinks its
cash prize structure thanks to the “difficult economy.”
A notice on the Web site
headlined “Announcing Changes to the iWon Prize Structure” talks about
feedback from users who want more prizes.
But it goes on to say: “Why are we making changes to the prize structure?
Nearly every business has been impacted in some way by the difficult economy.
While we’ve navigated through it with flying colors, running a successful Web
portal is a
long-distance race. With this in mind, and with your overwhelming feedback to
guide us, we made the changes to our prize structure that give us greater
flexibility in the future while giving you more chances than ever to win
Well, there may be more prizes and more chances to win, but the dollar
amounts are substantially less in some cases, resulting in considerable
savings for the privately held company.
Now there will be 100 prizes of $1,000 a month in place of the $1 million
prize. That adds up to a savings of $900,000 a month right there.
iWon also said there will be 10 prizes of $1,000 each weekend (In place of
Saturday and Sunday $10,000 prizes). That’s another $10,000 saved.
The $10,000 prize each weekday remains, as does the iWon Tax Day 2002 Prize –
up to $25 Million.
iWon spokeswoman Erica Bates told internetnews.com in an e-mail that: “iWon
maintains its position as the largest guaranteed cash giveaway on the
Internet and continues to give away cash and prizes while providing
world-class content and information. iWon, whose backers include Bain
Capital, JP Morgan Partners and Viacom, will reach profitability in the next
few months – less than two years after
Launched in October of 1999, Irvington, NY-based iWon offers registered users
entries in a cash prize drawing in exchange for clicking on various ads and