Camelot takes control of Irish lotto licence in 405m deal
Operator of UK National Lottery and An Post join forces to seal Irish lotto deal
The Camelot Group and An Post are in line for a 405million buyout of the Irish Lottery.
The deal looks all but certain after Ireland’s public expenditure minister Brendan Howlin yesterday gave the green light. Howlin said the bid by Premier Lotteries Ireland was the highest submitted, and had met all the requirements.
Premier Lotteries Ireland is a consortium consisting of An Post and its pension funds, and the Camelot Group. The 405million payment will be made in two instalments, the second of which will be made in October next year.
A statement from Howlin’s department confirmed that under the new lottery licence, the on-going annual contribution to good causes would be set at 65pc of Gross Gaming Revenues, defined as sales minus prizes.
The news comes as Camelot doubles the price of UK Lottery tickets to £2 alongside a £15m advertising campaign. The operator said the increase in price will result in bigger prize funds and jackpots for players.