iGB Marketplace Directory 2015/16 | Page 72

Insurance Risky business Gaming can be a risky business, especially for those starting out in the industry.  Launching new sites and products requires deep pockets – and to attract and retain players, those pockets need to be overflowing not just with cash, but with compelling games, huge jackpots and exciting promotions. O f course, as in any industry, there are ways that start up companies can get an edge – but in the very serious business of online gaming, there are no easy cheats for those looking to reach the highest levels.  And, while it is a risky business, there are ways to manage those risks, and this is where PIMS-SCA can help. Jackpot prize insurance explained PIMS-SCA is a leading promotional risk management specialist provider – which is essentially the insurance of promotions, contests and games. For an insurance premium that is often a small fraction of the amount at risk, a brand or company can insure itself against the possibility of a winning outcome on a game or promotion.  If there is a big win, the insurance policy covers the jackpot payout. The financial ability of such a provider is of course paramount when engaging in prize insurance and should not be taken lightly! PIMS-SCA is a registered Lloyd’s Broker, 72 | Marketplace 2015/16 Sponsored by authorised and regulated by the Financial Conduct Authority and works with some of the largest, global A-rated insurance companies. Such credentials guarantee complete financial security for client jackpot prize insurance needs. Jackpot and prize insurance has been used in land-based gaming (especially in North America) for decades.  This type of insurance has enabled practitioners to run massive prize promotions offering multi-million dollar prize funds, while minimising their financial outlay. Quite simply, insurance enables small, new brands to compete with bigger, more established companies in the jackpot stakes, without necessarily having a supporting player base. Big operators on the other hand can offer players the chance to win mega jackpots, for ultimate stand-out and customer engagement. The advantage of insurance is that it can be used to cover jackpots for almost any game of chance and even certain skill-related games. For example we have insured jackpots for Lotteries, Bingo, Poker, Slots, Roulette, Blackjack, Keno, Scratch Card and Sports games and