5Bop Fela: Innovation in local gambling market in the Midst of Covid19 lockdown
In the midst of the COVID-19 pandemic, Gbets, a leading retail and online sports betting operator in South Africa has announced its launch of an innovative Jackpot Lucky Numbers product set to revolutionise the sports betting landscape. Part of the Goldrush Gaming Group that is majority owned by listed entity RECM, Gbets’ new product offers punters the ability to win large jackpots when betting on the outcome of Lotto.
“The product conceptualization began almost 2 years ago as part of Gbets’ need to provide betting enthusiasts with larger jackpots when betting on the outcomes of Lotto’s from across the world. This, without having a negative impact on our balance sheet,” says Mr Dhrupal Amin, MD of online gaming at the Goldrush Gaming Group.
“Having explored various insurance and risk transfer solutions from both the local and global insurance markets to establish the appetite to provide insurance cover for betting on Lotto’s, we became frustrated that the local insurance market were neither able to offer a solution nor had sufficient underwriting capacity. Conversely, whilst the offshore market had good solutions, these were practically difficult to implement and did not meet local gaming and insurance regulatory requirements,” says Amin.
The problem was pitched to Mr. Sejal Vallabh, a respected executive within the Insurance industry with over 20 years of experience. Being well versed in alternative risk transfer solutions through his tenure at both ABSA Insurance Company and Guardrisk Insurance Company, Vallabh spotted the gap in the local market and seized the opportunity by establishing GameCover, now proudly South Africa’s first gaming-focused insurance advisory business.
“Developing a solution that fulfilled the needs of both the gaming and insurance regulations has been an 18-month process. To launch this South African-first product that complies with local gaming and insurance laws as well as regulations during Covid19, is somewhat special. The launch will give rise to a whole new class of insurance in South Africa and with it create new jobs for both gaming operators and practitioners within the insurance industry. This is a testament to our innovative and resilient nature as South Africans” says Mr Vallabh.
The move makes Gbets the official home of South Africa’s biggest lucky numbers jackpots, where punters stand the chance to win over R100 Million on seven lotto draws. Headlining the product suite is the ‘5 Bop Fela’ bet. This product is set to take the South African market by storm as a stake of only 50 cents could give punters a chance to win R10 million in the Euromillions draw – taking place every Tuesday and Friday at 16:45 pm.
Betting on the outcomes of international lotto draws with low ticket prices that range between 50c and R8 is a significant feature of Gbets’ new product launch and offering. It has also expanded its overall product offer during Covid19, and now currently offers the widest selection of betting on live roulette in South Africa.
“Following a successful launch and bedding down of the product, plans are already underway to increase the overall Jackpot sizes on offer to between R700 million and R1 billion. This will then allow us to demonstrate the true scale of this uniquely South African solution,” says Amin.
The large jackpots are insured by Guardrisk Insurance Company – who is amongst the top-rated insurers in South Africa. By working with GameCover and Guardrisk, betting customers can be assured they are dealing with locally-licensed financial services providers, and are thus guaranteed that jackpot winnings will be paid.
About Gbets & Goldrush Gaming Group:
Gbets is the betting arm of the Goldrush Gaming Group, one of the largest independently owned gaming companies in South Africa. The group is a subsidiary of RECM of Calibre Limited (a JSE listed private equity Vehicle).
Gbets currently operates online and via 40 retail betting stores in South Africa and Lesotho.
Gamecover is a specialist gaming risk advisory business and is a licenced Financial Services Provider (FSP number 50122). Gamecover is fully licenced with the Financial Services Conduct Authority (FSCA) and provides intermediary services and advice to the gaming industry, with a focus on guiding and advising operators on the transfer of risk for operators wanting to offer their customers large jackpot values.