Just a stupid idea...

This is a question I've been grappling with for some time now, especially having read the threads of recent portal casino owners that have passed away, the likes of Allan Leonard aka "Captain", Spearmaster and so on.

One thing I've noted is that they did not have any insurance that covered their portal casino business in the event of their death and some form of compensation toward their families (maybe I’m wrong). A lot of affiliates out of their own goodwill have donated funds towards the deceased's families and some online casinos have chipped in by means of offering a high revenue share of player loses to the families as well.

Do owners of casino portals have any form of life cover on their portals in the event they pass away? Now most people will most probably tell me it's up to the affiliate to register his/her business at some insurance firm and pay the monthly instalments accordingly. What I propose is that a group preferably within the casino Industry be established where portal owners pay a minimum monthly fee of $30 for a minimum life cover on their portals; the life cover will only come in to effect after a 3 month period. Most probably one can operate this on a sliding scale, the higher your monthly instalment the higher your life cover.

Having spent some time on the various casino forums, to see whether this idea has been put forward before by casino affiliates/affiliate managers alike I've noted that it has not been mentioned or maybe I simply missed it.

Obviously one has to look into the practical implementations as well and work around various legislative issues etc. I just wanted to ascertain whether this proposal has merit or not. I’m sure those portals owners who value their business and their families will look into this...I know I will.

Cass,
www.cassaon-casino.com

I don't think any affiliate program would do this as they are simply not in the insurance / assurance business. I would never go for something like this when I know I can get a better deal from my local broker.

Imagine all the international laws that would have to be considered as well. All to complicated in my opinion. Let each industry do what they do best.

Hi Cass!

Congratulations for your thread and your idea! You should change the title cause is not stupid at all. I think that because the gambling affiliation business is a relative new business we do not have generations that made all the process, I think we are like the first generation. That´s why now we don´t think too much about it, but I´m think that maybe in 10-15 years will be something established in the industry (perhaps before) that can ensurance our family. The only problem I see is that the enssurance business is a little bit dirty, the gambling business also. So, what can happens with both together?

Hey Cass,

Indeed your idea is a good one and you did well to share it with us all.

I agree with Ixian though regarding the fact that it is highly improbable that affiliate programs would go for it.

What I think is that we should spread the word around and make portal casino owners aware of fact that it would be a good thing for them to seek insurance cover for their businesses so that their families are not left out in a financial binge in the event of their passing away.

Nico84 is probably right when he says that in some years time this type of insurance will be an established thing. But the right time to start is now.


Amy

Yes, having life insurance is a very good idea in most cases, especially for those who are just getting their businesses up and running and who are also raising families.

Making sure your partner or spouse is savvy enough to step in and take over your business is also important. Even if the spouse does not want to continue the business, at least he or she should be able to know how to go about transferring the affiliate accounts and who to contact in order to sell the business.

I am not sure whether I understood you correctly.
If some website portal earned some money, why not to sell these sites + accounts?

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Originally Posted by EugeneK

I am not sure whether I understood you correctly.
If some website portal earned some money, why not to sell these sites + accounts?

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I'm saying the spouse should know how to go about selling the sites and accounts if that's what they decide to do. Many spouses don't understand the business at all (mine included) and would be lost if they had to deal with disposing of the business so it's a good idea to educate them.

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Originally Posted by thepokerkeep

I'm saying the spouse should know how to go about selling the sites and accounts if that's what they decide to do. Many spouses don't understand the business at all (mine included) and would be lost if they had to deal with disposing of the business so it's a good idea to educate them.

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You can add mine to that list as well.

Everyone should arrange their own life insurance requirements regardless of their business but we should all probably write down a detailed list of what requires to be done should something happen to us.

The larger owners running well established businesses with employees should be trying to put some succession planning into their business as much for their retirement as anything else.

Smaller outfits probably need to instruct a partner, friend, etc, how to wrap things up nicely and benefit from it as much as possible - with the least amount of hassle.

I wonder if the GPWA would be interested in setting up a simple group advising our friends or families with such matters as closing down our businesses, selling websites, administering affiliate accounts, etc. Generally help with wrapping things up.

This group wouldn't actually need to work for the person taking over our assets, just be there for some friendly or practical advice.

I'd certainly put my name on the list of those willing to help out a grieving family with enough on their plates.

The idea of a "casino group life insurance" seems needless to me - unless I'm missing something?
Insurance is a basic financial thing that people need to handle personally.

Life insurance requirements vary throughout the course of your life-cycle, and is something that needs to be worked through with your insurance broker.

Do you have a mortgage?
Do you have dependants?
Do you have independant income?

Life insurance can be purchased fairly easily in most countries, and the idea of a "casino group life insurance" seems needless to me and it would be quite complicated to organsie given the various countries that members are in living in ...

eg. how would a US firm handle insuring me, or an Aussie, or a Romanian?


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However, the idea of the GPWA providing some sort of guidelines and/or a kit for succession planning - and/or providing help to families to either takeover or dispose of Gambling Portal assets wisely is a SUPERB idea !
:clap:

I have prepared a small document for my partner that details and outlines everything - affiliate sites, accounts, contacts, etc, just in case of unforeseen circumstances ....

But I still imagine that there are many things in what I've written that would not make sense to her ... but an experienced affilaite group would understand.