Lottoland claims industry-first with insurance licence

Lottoland has become the first company in the gaming sector to establish its own insurance firm, after securing approval from the Gibraltar Financial Services Commission (FSC).

The regulatory body awarded the online lottery betting operator an insurance licence, allowing Lottoland to found ‘Fortuna Insurance PPC Limited’.

According to the Insurance Business Mag website, the new subsidiary, regulated by the FSC in Gibraltar and the European Insurance and Occupational Pension Authority, will now underwrite all the bookmaking risks of Lottoland.

Lottoland is currently active in more than 10 markets around the world and has licences from the Government of Gibraltar, the UK Gambling Commission, the Republic of Ireland National Excise License Office, and the Northern Territory’s Racing Commission in Australia.

In a statement, Lottoland said: “This is a historic milestone for Lottoland – transforming its industry leading risk management into its own fully authorised and licensed insurance company.

“Lottoland’s reinsurance structure, which combines both risk carrying markets insurance linked securities and traditional insurance, consists of the highest coverage in the market for the underlying gaming business.”

Nigel Birrell, chief executive of Lottoland, added: “The fact that Lottoland is the first and only company in the gaming sector to have done this, highlights our commitment to industry best practice and transparency.

“This is huge step forward not just for Lottoland, but also for the gaming industry.”

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