PREMIER LOTTERIES, THE consortium containing An Post and UK lottery operators Camelot, have been named as the preferred bidder for the National Lottery licence.
Minister for Public Expenditure and Reform tonight announced that the consortium had bid €405 million for the rights to operate the licence for 20 years.
65 per cent of gross gaming revenues will go to charitable causes and no changes will be made to the commission structure for retailers.
Since 1987, An Post has operated the National Lottery and has now combined with the Ontario Teachers Pension Plan, who own Camelot, and the An Post Pension Plan to remain in operation of the game.
Half of the sale will go towards the new National Childrens’ Hospital and half to Government coffers.
Previous estimates had suggested the value of the licence at €300 million.
The act which paved the way for the sale allows the consortium to move into online sales.
Discussions on finalising the terms of the licence will commence shortly between the Department of Public Expenditure and Reform and Premier Lotteries.
These are scheduled to be completed in November with a formal signature date in December. Subject to successful finalisation of the licence, it is envisaged that the new licence will become effective from October 2014.
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