I agree with Kimberly on the liability issue. I also think that they do not want FB to be overrun with free giveaways.
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You CAN publicize a promotion that is completely outside of Facebook — but it cannot mention Facebook in any way, shape or form, nor can you condition entry upon any action involving Facebook, e.g. joining a Fan Page, uploading a photo, updating a status, etc.
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You can still run a contest you just need to point to an outside source. One of my clients runs a contest utilizing FB whereby she does give-aways based on comments to her blog posts. She posts her latest contest and link to her blog where she has monthly drawings for programs and such. She has found much success because she can still use FB to promote and gets some great activity on her blog too.
I think it is a matter now of being creative in your strategies. I just hope that this is not a next step ban these types of activities as well.