Lottoland, the online lottery betting service, has decided to jump into the insurance game after they received their services license from Gibraltar; an internet gambling regulator.
On the 25TH of September, Lottoland made an announcement that its subsidiary had received a license from GFSC (Gibraltar Financial Services Commission). However, Lottoland believes that this is the first time an online casino operator has created an insurance company of its own.
Lottoland Australia – Details
Lottoland provides online casino players with a chance to bet on the possible outcomes of draws from leading lotteries worldwide. Examples of the big lottery brands include Powerball and Euro Millions. The online lottery betting operator has taken out an insurance policy as a way of guarding the chances that one of its players might hit one of the nine-figure amounts. Currently, Lottoland’s highest payout was AUD$22 million and it was won by a German player sometime in 2016.
Lottoland made an announcement last month that it had made a deal with an insurance company (name withheld), giving Lottoland ILS coverage worth AU$120 million. Furthermore, the online lottery operator said that their ILS will then be transferred to operate under Fortuna Insurance. It will also be guided by a board of five people and a management team.
The CEO of Lottoland, Nigel Birell said to the media that this new and unique arrangement is a step forward not only for them but for the online casino gaming industry as a whole. More so, they expect this new deal to act as a marketing strategy especially for players that are skittish of the payout times in the event that they land themselves a huge jackpot.
Nigel Birell reported to Olive Press that the ‘untruths and myths’ being proliferated about Lottoland were not affecting negatively their business in Australia. He said that if there’s anything that they are getting out of it, it’s the free publicity which is resulting in brand recognition and more player registrations.