Lottery betting operator Lottoland has taken out a record insurance policy to guard against the possibility of a punter winning a nine-figure jackpot.

This week, Lottoland announced that it had revised its risk management system to prepare for the likelihood and/or eventuality of one of its customers betting correctly on a truly staggering EuroMillions, PowerBall or other major lottery jackpot.

Lottoland declined to identify the insurers but would say it’s now carrying €120m worth of Insurance Linked Security coverage. The company also claimed the sum represented the largest reinsurance deal in the gaming industry. This is Lottoland’s third such deal since 2015, with early renegotiation triggered by the company’s rapid growth.

Lottoland allows punters to participate in lotteries to which they may not have access in their home territory. Lottoland customers essentially place a wager on the outcome of a lottery drawing, giving them the ability to claim the identically valued prize on offer from the lottery in question.