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I get from the forum posts that Sendy running on Hostgator shared hosting sending mails thru SES is not limited to 500 mails per hour as you are using SES' smtp server. However, I get different signals from Hostgator's customer support. Would appreciate definitive answer to this.
If you're sending emails via Amazon SES which is what Sendy is intended to do, you're not limited by your server's email sending limit.