A consortium made up of An Post and Camelot, latter the company behind the UK lottery, have been successful in their bid of €405m to run the Irish National Lottery.
Premier Lotteries Ireland, a group involving the Ontario Teacher’s Pension Plan, owner of Camelot, An Post and An Post pension funds has been selected to take over the licence, having offered the highest bid for allowing them to operate the prize fund for 20 years.
Two thirds of profits after prizes will continue to be distributed to good causes, but it has not been clarified if same will continue to be solely the gift of reigning political party’s.
The €405m licence fee will be paid in two equal instalments, with the first when the licence is signed in December and the second when Premier Lotteries Ireland take up the licence.
Money from the sale of the licence will now part fund the long awaited new children’s hospital, to be built on a site at St James Hospital in Dublin city.
The deal is expected to be signed in December and the new licence will run from October of next year.
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