US Powerball jackpot

[vetrade]

What you've said isn't correct. You might want to do some more reading on the matter.

Perhaps you should be more specific. Happy to be corrected if I'm wrong but I have no reason to think I am.

The silence is deafening. "Churlish" seems to just about cover it !

 

[medhead]

The silence is deafening. "Churlish" seems to just about cover it !

churlish
ˈtʃəːlɪʃ/
adjective
[COLOR=#878787 !important][/COLOR]

• rude in a mean-spirited and surly way.
  
  
  

There is no obligation on anyone to reply to a post on AFF. You've made the claim that lottoland won't have the money to pay out a prize win, without backing up that claim. You then decide that someone suggesting you do more research is mean-spirited and surly. Nice...

edit: Lloyds are only a small insurance agency, perhaps they wouldn't be able to pay up.

[h=2]Is the Payout Guaranteed? How Do I Know?[/h]Lottoland Australia is licensed and regulated by Australia’s Northern Territory Government, all your winnings are guaranteed to be paid out at Lottoland. All bets are placed on your behalf with EU Lotto Limited, licensed by the Government of Gibraltar and regulated by the Gibraltar Gambling Commissioner. EU Lotto Limited has been granted a fixed odds licence (RGL No 066). Additionally, all large payouts are insured with Lloyds of London.

 

[vetrade]

Surely you jest, medhead. Dr Ralph made a blanket statement that my post was not correct without stating what specifically he thought was incorrect (my post commented on both Lottoland and thelotter.com) and without backing up that claim (to borrow the expression you used).

As for his second comment, the connotation I take from being told “you might like to read up on that” is that I was uninformed and possibly uneducated, neither of which is the case. It was a sarcastic put-down comment and it was churlish of him to make it, especially given there is nothing to suggest he was better informed, better read or more knowledgeable on the subject, than me (in fact the opposite might be true, but how am I to know since he hasn’t provided any detail?).

Unlike you, I see no basis on which to assume Dr Ralph’s comments related specifically to Lottoland’s ability to pay out a large win - I’m not a mind reader. But, putting that aside, I don’t share your apparent confidence in Lottoland’s insurance cover through Lloyds because there’s no knowing the size of their cover. I’m sceptical, firstly, as to whether Lottoland could afford the premium (which I’m guessing would necessarily need to be in the $millions) to insure against a potential $AUD2.2 Billion payout. Would their holdings on the US Powerball be sufficient to justify that? Just my (educated) opinion, but I doubt it.

Secondly, Lloyds is not the behemoth it once was (the rivers of gold for the members who underwrite the risk dried up 20 or more years ago. I still remember some of those blue-blood members asking for time to pay my accounts when the company's reserves were insufficient to pay out claims) so I wouldn’t assume Lloyds would even cover Lottoland for the full amount of a multi-billion $ payout on a single event.

FYI, here’s a statement regarding Lottoland I read the day before the Powerball draw which I took to be quite informative:

”(Victorian) Gaming Minister Jane Garrett said players should be aware they were only betting on the result of the lottery, not participating in the draw.
Victorians with tickets would then rely on the company (Lottoland) paying out the amount of the jackpot prize, Ms Garrett said.
“Victorians need to be aware that they’re not buying a ticket to go into the $1.5 billion (USD) draw,” Ms Garrett said.
“What they are actually betting on is the outcome of the lottery through an offshore company.
“This means that anyone who buys into this scheme is relying on a Gibraltar-based company to pay out.
“Unfortunately Victorians won’t be protected under Australian Consumer laws if something goes wrong.”
In Australia, licensed lotto agents are required by law to hold enough funds to pay out winnings.
However, this regulation does not apply to offshore gaming companies.”

Some people might like to read up on things like that before they comment in future.

 

[vetrade]

For anyone interested:

"State governments eyeing off major crackdown on online lottery betting

Rob Harris, national politics reporter, Herald Sun September 11, 2017

A FOREIGN “fake lottery” betting company could soon face bans in three states — including Victoria — as gambling regulators come under growing pressure to outlaw its business model.

The rising popularity of Gibraltar-based Lottoland, in which people bet on the outcomes of local and overseas lotteries, has spawned a national campaign from news and lottery retailers....................................

………….............Lottoland is supporting the introduction of a point-of-consumption tax on gambling in a bid to appease any sanctions being considered by the federal and state governments.

The website, which pays an annual $500,000 registration fee to the Northern Territory, relies on complex insurance- linked securities to pay any winners.

The chief executive of Australian Lottery and Newsagents Association, Adam Joy, said the campaign was a response to many Australians being “very confused” about the betting model and thinking they were entering a lottery.

“We have had positive engagement from both federal and state governments about the impacts of lotto betting on small businesses and their communities,” Mr Joy said.

Lottoland Australia chief executive Luke Brill said the attack from the newsagents and Tatts Group was “monopolistic behaviour”.

Mr Brill said the company had gone to lengths to inform customers they were not entering a traditional lottery."