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Ireland National Lottery to be sold for €405M

Ireland National LotteryIreland National Lottery: Ireland National Lottery to be sold for €405M
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An Post and the operators of the UK National Lottery are in line for a €405m (US$551.6 million) buyout of the Ireland National Lottery after Public Expenditure Minister said the consortium was the preferred applicant.

Brendan Howlin said the bid by Premier Lotteries Ireland, a consortium consisting of An Post and its pension funds and the Camelot group who operate the UK lottery, "had met the Essential Requirements and has submitted the highest License Fee proposal".

Discussion on finalizing a deal will begin in the coming weeks and conclude by the end of the year. The deal will commence October 2014 and will run for 20 years, a statement from the minister's department revealed.

The ongoing annual contribution to Good Causes will be set at 65pc of Gross Gaming Revenues and the €405m payment will be payable in two installments, the second of which will be made in October next year.

The sales come as part of an agreement between the Government and the Troika to raise €3bn from the selling off of State assets.

The An Post National Lottery Company currently holds the lottery license.

Independent, Lottery Post Staff

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4 comments. Last comment 3 years ago by jamella724.
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mypiemaster's avatar - 2015021003pileofcash
JACKPOT HUNTER

United States
Member #141034
April 2, 2013
1410 Posts
Online
Posted: October 3, 2013, 4:40 pm - IP Logged

What's wrong with the way it is now?.

Seek and ye shall find -Matt. 7:7 ...Ask and ye shall receive -John 16:24 ...Give and it shall be given unto you -Luke 6:38 ...Be careful what you ask for!!! -Mypiemaster 1:1

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    Chief Bottle Washer
    New Jersey
    United States
    Member #1
    May 31, 2000
    23277 Posts
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    Posted: October 3, 2013, 5:14 pm - IP Logged

    What's wrong with the way it is now?.

    It does not indicate that anything specifically will change.  It's just about which company owns the right to operate the lottery for the next number of years.

    Just like the talk about privitization in the USA.  It's not about somehow changing the lottery into something different; it's about whether the government itself or a private company will operate the lottery.

    When the government "sells" the lottery, it is offering the license to operate the lottery for a certain number years.  Normally around 10 years at a time.

    Near the end of the contract, the government again puts the license out to bid.  So if the company is not doing a good job of operating the lottery and producing profits, it gives the government the opportunity to choose someone else.

    In this case, the Ireland government chose a partnership between An Post and Camelot Group to operate the lottery.  Under the current/previous license, it was just An Post that operated the lottery.

     

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      Keokuk,Iowa
      United States
      Member #116504
      September 12, 2011
      305 Posts
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      Posted: October 3, 2013, 10:45 pm - IP Logged

      It does not indicate that anything specifically will change.  It's just about which company owns the right to operate the lottery for the next number of years.

      Just like the talk about privitization in the USA.  It's not about somehow changing the lottery into something different; it's about whether the government itself or a private company will operate the lottery.

      When the government "sells" the lottery, it is offering the license to operate the lottery for a certain number years.  Normally around 10 years at a time.

      Near the end of the contract, the government again puts the license out to bid.  So if the company is not doing a good job of operating the lottery and producing profits, it gives the government the opportunity to choose someone else.

      In this case, the Ireland government chose a partnership between An Post and Camelot Group to operate the lottery.  Under the current/previous license, it was just An Post that operated the lottery.

      So they're really not selling the the lottery.They are just leasing it out for twenty years.Big difference between selling and leasing.

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        Texas
        United States
        Member #132455
        September 4, 2012
        483 Posts
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        Posted: October 26, 2013, 7:55 am - IP Logged

        Is something wrong with the management? There might be a lot of changes once the new management will take place. I hope the changes that will occur will be for the benefit of the players. They could introduce new games that will excite players.