Online lottery betting operator Lottoland is getting into the insurance game after receiving a financial services license from Gibraltar regulators.

On Monday, Lottoland proudly announced that its new Fortuna Insurance subsidiary had received a license from Gibraltar’s Financial Services Commission to handle future collateralized reinsurance and insurance-linked securities (ILS) transactions. Lottoland believes it marks the first time an online gambling operator has set up its own insurance company.

Lottoland offers players the ability to place bets on the outcomes of draws from major lotteries around the world, including Powerball and EuroMillions, with winning bettors claiming similar prizes as if they were directly participating in these lotteries.

The company takes out insurance to guard against the possibility that one of its players will hit one of these nine-figure paydays. To date, Lottoland’s biggest payout was a €22m prize claimed by a German punter last year.