Online lotto betting operator Lottoland has announced a third long-term agreement for its Insurance Linked Security (ILS) jackpot insurance.
The new insurance deal provides €120m of ILS coverage, €20m more than the previous agreement. Lottoland’s advanced risk management system is now providing total cover in the hundreds of millions and over 50% more than last year.
Lottoland’s risk management structure has already covered a number of major winnings. The largest win paid out was €22m, which was won by a player from Berlin in 2016. In total, with the help of Lottoland solutions guaranteed, Lottoland has returned over €838m in total winnings across its business portfolio.
David von Rosen, Founder of Lottoland told SBC: “ At 130m it is substantially bigger than our last ILS. It’s a big step for us to see that the current investors are not only staying on board and are renewing but also that we have some new investors joining our Fortuna 3 transaction.”
Lottoland CEO Nigel Birrell said: “ Our innovative approach to this market is really paying off, the ILS provides a fully reliable way to re-insure against big wins and we’re delighted to have this second two year agreement in place which we have taken to the next level.”
Gibraltar’s Minster for Commerce Albert Isola MP added: “Let me congratulate Lottoland and its investors for leading the way with the launch of their third successive ILS transaction.
“Their success to date and their future plans for innovative ILS structures that will be offered to other participants in the gaming community are very exciting. The investors’ confidence in both the Lottoland transactions and Gibraltar as the domicile of choice is very gratifying.”