BUSINESS

Lottery firm Czech-ing out as Isle of Man reassures customers

TAGs: czech republic, Isle of Man, Sazka

Sazka bannedSazka could do with winning at their own game after the Czech finance ministry confirmed the worst fears of many. The lottery firm has had its license temporarily suspended by the ministry after failing to pay out winnings to customers

“Sazka did not pay out winnings of 103.4 million koruna ($6.1 million) in the Sportka numbers game within the legal deadline,” the ministry said in a statement.

The news seems to confirm that the insolvency claim filed by billionaire Radovan Vitek in January wasn’t unfounded after all. This suspension lasts for 30 days and will be followed by a second, final 30-day suspension that may spell the end for the firm.

Fortuna looks set to step into the void as they launch their own lottery product and you can’t really see a way back for the beleaguered firm. It’s well and truly Czech mate.

IoM crestBlack Friday has rocked the world of online poker to its core and the effects continue to be felt around the online world. The Isle of Man regulates one of the companies indicted on April 15 and has reassured customers that funds will be safe.

PokerStars employs 250 people on the isle and is an integral part of their e-commerce industry. The Department of Economic Development says that all online gambling operators on the island are complying with licensing requirements to keep players’ funds separate from business capital.

The department also added that the safeguards in place mean that any player can withdraw from their gambling account at any time.

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