In line with Ireland’s moves toward privatization, it has announced the sale of a 20-year lottery license to a joint venture that counts National Lottery operators Camelot among them.
The present operators of Ireland’s lottery is An Post, the state postal service. Under the new scheme, Camelot will team up with An Post to operate the Irish Lottery for the next 20 years, beginning sometime next year. The move to privatize the lottery is part of an effort that aims to raise 3 billion Euros, which is required under the EU-IMF bailout. Proceeds will be used to pay off debt and to stimulate the economy.
Half of the payment for the lottery license sale is expected at signing later this year, and the final half when the license becomes effective in late 2014.