LottoPalace – Complaints about Business Practices

LottoPalace with Altair Entertainment and Veltyco

Altair Entertainment Egaming LicenseWe continuously receive whistleblower messages from people around Veltyco since we started the respective reports about Veltyco projects. Yesterday, a whistleblower complaint about, a German company and part of the Veltyco Group (see details here). LottoPalace is operating under the egaming license of Altair Entertainment NV, a company closely associated with Uwe LENHOFF, VELTYCO’s head of business development. Altair is the provider of several licenses to VELTYCO brands and companies but provides no information to the public. It’s sort of a stealth company.

Unfortunately, Altair has a build up a bad reputation over the last couple of months as it received several warning from regulators under different jurisdictional regimes for operating the binary options platform Option888 (see the Italian regulator warning for example):

The National Commission for Companies and the Stock Exchange (CONSOB) reports that the companies Altair Entertainment NvPayific Ltd and Capital Force Ltd are not authorised to provide investment services and business in Italy in any way, including through the website;

LottoPalace as well as Option888 are part of the VELTYCO Group. Given the warnings, customers should be careful when engaging with websites and offerings in the Altair Entertainment environment. The offerings may not comply with the respective regulatory regimes.

Besides the concerns around the LottoPalace operator Altair, we did a quick check on LottoPalace itself and recognized that actually a lot of people are complaining about LottoPalace’s business practices.

Consequently, LottoPalace’s rating on its Facebook page is only 1.2 stars out of 5. Except one 5-star rating all other ratings provide just 1-star and thus the worst possible rating. Reading through the reviews on Facebook one gets an idea about the issues customers have with those practices. Obviously, customers are contacted via cold boiler room calls and often have problems with their payout of their wins.

We would like to learn about your experience with LottoPalace to provide a more detailed review. Please let us have a comment or a whistleblower message.