Online Lottery Pioneer Files For Bankruptcy
The International Lottery in Liechtenstein Foundation (ILLF), a charitable foundation headquartered in Liechtenstein and controlled by the state, has been forced to file for bankruptcy.
The ILLF set up one of the earliest Internet lotteries when it launched PLUS Lotto back in 1995. Over time several other lotteries were added to the ILLF portfolio. The Euro World Lottery was a weekly 6/49 game with a guaranteed jackpot of EUR 20m.
In mid-August 2011 a statement on the ILLF’ website stated that “systems are temporarily down due to maintenance” but in September 2011 the ILLF filed for bankruptcy. A statement on the foundation’ website said:
After being in operation since 1995, it is with much sadness and remorse we inform you that the International Lottery in Liechtenstein Foundation (ILLF) has been forced to file for bankruptcy.
The changes in the economic environment and in the upcoming regulations to the new gaming law in Liechtenstein made it impossible for us to operate with our current and proposed sales channels. Because of this potential partners and investors decided to withdraw.
An official receiver will be nominated by the court and all debts will be assessed by the receiver. These debts will be evaluated in order of priority and the decision to either pay or discharge the debt will be made by the official receiver throughout the bankruptcy process.”