While casinos today are not major buyers of Cyber Liability insurance, a recent move by the Obama administration could result in a jackpot of new submissions for carriers offering this coverage.
At the tail end of 2011, just before Christmas weekend, the Department of Justice issued a 13-page legal opinion that allows states to authorize Web-based, non-sports gambling within their borders—effectively making intrastate online gambling legal, a decision that could generate billions of dollars of additional gaming revenue.
“No insurance products have been created yet, but this will change the landscape of the gaming industry,” says Jared Mitilier, Marsh's national gaming practice leader—who notes that as much as $70 billion dollars is currently being bet online annually outside of the United States.
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