To start with, I thought this was a joke!
I have always used the analogy that insurance is one big betting shop as a way of explaining insurance to novices but I never thought I would see the day when a betting company actually became a licenced insurer. Is this innovation?
The world is indeed strange!
In accordance with European Union insurance legislation, Gibraltar’s Financial Services Commission (FSC) has granted online lotto betting operator Lottoland an insurance licence. The licence allows Lottoland to establish Fortuna Insurance PCC Limited (Fortuna Insurance), making the betting operator the first company in the gaming sector to have established its own insurance firm. Regulated by the FSC in Gibraltar and the European Insurance and Occupational Pension Authority, the subsidiary will underwrite all the bookmaking risks of Lottoland.