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Lottoland granted full insurance licence

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Lottoland granted full insurance licence

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.

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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.”…

The post Lottoland granted full insurance licence appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.


Source: EEGaming.

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Bradley Khoury

eCOGRA Approved to Operate in Arizona, Indiana and Panama

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eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.

This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.

Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.

In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.

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“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.

Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”

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BetConstruct

BetConstruct to Showcase Latest Innovations at G2E Las Vegas 2024

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BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.

As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.

Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.

BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.

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Amusnet

Amusnet Sets the Stage for Global Gaming Excellence at G2E Las Vegas

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Amusnet has announced its participation in the 23rd edition of G2E Las Vegas (Global Gaming Expo) at The Venetian Expo from October 7-10. As one of the largest expos globally, G2E provides a platform for the company to showcase products across its Online Casino, Live Casino, and Land-based verticals, positioning Amusnet as a prominent all-casino provider in the competitive iGaming industry.

“We are excited to attend G2E Las Vegas 2024 to present our latest online casino portfolio and Type S slot cabinets: our first-ever product series for Land-based casinos, designed to offer a competitive edge by combining Amusnet’s top-notch game portfolio with an immersive player experience. Our focus is on delivering solutions that maximize performance and cater to the evolving needs for both online and land-based casinos,” said Borislav Marinov, Head of Business Development, Land-based, at Amusnet.

Alongside its technical excellence, the premium Type S series showcases the company’s award-winning titles, including 20 Golden Coins, Extra Crown, Fruits & Gold, and Cocktail Rush. It also features Amusnet’s popular four-level bonus game, Jackpot Cards, along with other exciting features like Free Spins, Buy Bonus, Pick Me Bonus, and Symbol Upgrade.

Amusnet will host an activation featuring its premium slot cabinets at the upcoming expo, offering attendees the opportunity to experience the thrill of Type S in real time and win exciting gifts.

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