Online lotto betting operator Lottoland have today announced that they have been granted an insurance licence by the Financial Services Commission (“FSC”) in Gibraltar in accordance with EU insurance legislation. This newly established insurance company Fortuna Insurance PCC Limited (“Fortuna Insurance”), is a subsidiary of Lottoland Holdings Limited.
Lottoland is the first and only company in the gaming sector to have established its own insurance company – holding itself up to the highest standard with regards to industry best practice and transparency.
Fortuna Insurance will underwrite all the bookmaking risks of Lottoland and will be regulated by the FSC in Gibraltar and the European Insurance and Occupational Pension Authority (“EIOPA”), which will both ensure that Fortuna Insurance will be compliant with the European Solvency II regime. The newly established insurance company will have a board and management team consisting of five experts, who will provide in depth insurance and reinsurance, financial markets, regulatory as well as gaming know-how to the company.
This is a historic milestone for Lottoland – transforming it’s industry leading risk management into its own fully authorised and licensed insurance company. Lottoland’s (re)insurance structure, which combines both risk carrying markets (i) insurance linked securities (“ILS”) and (ii) traditional (re)insurance), consists of the highest coverage in the market for the underlying gaming business (namely, lotto betting). The underlying gaming risk is highly modelled giving an extremely detailed degree of predictability and security to risk carriers as well as Lottoland and its customers. Fortuna Insurance has top ILS investors and rated reinsurers as its counterparts further adding to the robustness of its insurance. It is this structure that gives Lottoland flexibility to innovate driving higher value and jackpots for its customers and investors while always ensuring they can pay-out on all prizes in a timely manner.
Last month, Lottoland announced a second two year ILS transaction, which will now be transferred to sit under Fortuna Insurance. This transaction is fully collateralized through cash trust accounts and letters of credit, and is the largest ever reinsurance deal in the Gambling sector. All previous investors have shown their confidence in Lottoland by participating in the new transaction, and a handful of new investors also come on-board.
Lottoland’s risk management structure has already proven its reliability, covering several major wins. The largest win paid out by Lottoland so far was €22 million and was won by a player from Berlin in 2016. So far, Lottoland players have won over €900 million across its business portfolio. Fortuna Insurance, provides Lottoland with even more flexibility to innovate and offer new games to players.
Other operators can also benefit from Lottoland’s proven lottery insurance solution thanks to Lottoland’s B2B arm Lottoland Solutions. Lottoland Solutions guarantees pay outs on all winnings now through Fortuna Insurance and offers a lottery betting interface that is easy to integrate into existing websites. Customers of William Hill Australia, Kindred Group plc and Gaming Innovation Group plc, are already benefitting from a partnership with Lottoland Solutions.
Lottoland CEO, Nigel Birrell, said, “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.”…
Digicode Appoints Itai Zak as Executive Director for iGaming Division
Digicode, a leading provider of innovative software solutions, has appointed Itai Zak as Executive Director for the iGaming division. In this role, Itai will drive the growth and strategic direction.
With over 15 years of experience in the iGaming industry, Zak brings a wealth of knowledge and expertise to Digicode. He has a proven track record of successfully leading and scaling businesses in the online gaming sector, gaining experience as the CEO of SBTech, GoWild Gaming, and Spiral Solutions.
Under Itai’s visionary leadership, GoWild Casino not only seamlessly transitioned to a state-of-the-art iGaming platform but also achieved an astounding 450% increase in profitability, driven by Itai’s strategic expansion into new markets and his ability to build and lead a formidable team of over 300 professionals.
At SBTech, Itai was instrumental in redefining the company’s sales, marketing, and business development approach, transforming SBTech into a leading provider of turnkey sports betting and iGaming solutions. His efforts have helped grow the company from 60 to over 600 employees across multiple global locations, with significant year-on-year growth in net profit.
Itai’s appointment is a testament to the company’s commitment to innovation, excellence, and strategic growth within the iGaming sector. His proven track record in navigating complex regulatory environments, coupled with his forward-thinking approach to product and market strategy, positions Digicode for exciting advancements in its iGaming offerings.
“We are thrilled to have Itai Zak join our team. His deep understanding of the iGaming landscape and leadership skills will be invaluable as we continue to innovate and expand our foothold in this dynamic industry. Also, Itai’s proven track record in navigating complex regulatory environments, coupled with his forward-thinking approach to product and market strategy, positions Digicode for exciting advancements in its iGaming offerings,” Max Maslii, President and global CEO at Digicode, said.
In his new role, Zak will develop and execute Digicode’s iGaming strategy, focusing on driving revenue and growth. He will work closely with the product development and sales teams to deliver cutting-edge solutions tailored to the unique needs of iGaming operators.
“I am excited to join Digicode and lead their iGaming division. Digicode has a proven track record of delivering innovative software solutions, and I am eager to contribute to their continued success in the iGaming market,” Itai Zak said.
Pragmatic Play Goes Live with City Center Online in Argentina
Pragmatic Play, a leading content provider to the iGaming industry, is enhancing its standing in Argentina and is now live with City Center Online.
Taking its leading Slots portfolio to the online casino, City Center Online’s players are now set to benefit from leading titles, including award-winning hits like Sugar Rush and Gates of Olympus as well as more recent releases from Pragmatic Play’s ever-expanding portfolio such as Pub Kings and Mustang Trail.
This latest agreement follows a series of partnerships that Pragmatic Play has struck across the regulated LatAm markets, combined with several regional industry awards, further cements its position as the leading supplier in Latin America.
Victor Arias, VP of Latin American Operations at ARRISE powering Pragmatic Play, said: “We are delighted to announce Pragmatic Play’s agreement with City Center Online as the brand continues its upward trajectory and supply even more LatAm operators with its acclaimed, industry-leading titles.
“With Pragmatic Play’s renowned slot library now live on the platform, we are confident they will be a hit with City Center Online’s players, and we look forward to see its content provision expanding even more in the near future.”
Samanta Zio, Online Gaming Manager at City Center Online, said: “The quality and brand recognition that is brought on by Pragmatic Play games cannot be understated and we are delighted to now offer its portfolio to our players.
“Underpinning our commitment to providing premium gaming experiences to audiences in Argentina, we are confident this partnership is a momentous win for City Center Online.”
Pragmatic Play Adds TriunfoBet to Growing List of Latin American Partners
Pragmatic Play, a leading content supplier to the iGaming industry, will soon bring its dynamic multi-product portfolio to more customers with Venezuelan operator TriunfoBet, encompassing its Slots, Live Casino, and Virtual Sports offering as part of the deal.
The supplier has continued to build on its impressive Live Casino offering with the launch of Treasure Island. The action-packed gameshow follows in the footsteps of similar hit titles such as Sweet Bonanza Candyland and Snakes & Ladders Live which are also fan favorites across LatAm.
In addition, casino classics such as Roulette and Blackjack will be brought to an even wider audience in the region thanks to this latest tie-up.
Pragmatic Play’s renowned Slot portfolio will promptly be available for TriunfoBet players to enjoy including new titles such as Gates of Olympus 1000 in addition to Christmas-themed versions of its player-favourite franchises including Big Bass Christmas Bash and Sugar Rush Xmas.
Rounding off the collection is Pragmatic Play’s Virtual Sports which delivers cutting-edge 3D renderings of popular sports betting markets that match real-life equivalents across horse and greyhound racing, football, and motorsport.
The new agreement with TriunfoBet further boosts Pragmatic Play’s profile across the LatAm market as it cements itself as the industry-leading supplier in the region.
Victor Arias, VP of LatAm Operations at ARRISE powering Pragmatic Play, said: “Pragmatic Play’s content has become a household name in LatAm, and we are confident that TriunfoBet will achieve similar levels of success as other partners. The LatAm market continues to be a key area of expansion for Pragmatic Play, as evidenced by the consistent stream of new partnerships launched each month. TriunfoBet is the perfect addition to Pragmatic Play’s growing portfolio of partners in this region.”
Luis Lizarazo, CEO of TriunfoBet, said: “We strive to provide our players with an exceptional experience on our platform, and our latest partnership with Pragmatic Play allows us to significantly enhance our offering with their extensive range of products. Pragmatic Play’s remarkable growth in Latin America has been truly impressive, and we are thrilled to be among their latest partners. We are confident that their Slots, Live Casino, and Virtual Sports will be met with the same resounding success they have garnered worldwide.”
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