Allwyn Acquires Camelot for £100 Million
Allwyn the new operator for the lottery
Current national lottery operator Camelot has been bought by incoming operator Allwyn for £100 million. Camelot lost their bid to continue running the UK lottery this year since the lottery began in 1994.
The operator took legal action against regulator The UK Gambling Commission but dropped the action back in September as it feared it could be sued for hundreds of millions in lost income while the legal case dragged on.
But now with the news Allwyn which is owned by Czech billionaire Karel Komarek has acquired the operating assets of Camelot the final piece of the jigsaw is now complete for a smooth transition come 2024 when Allwyn officially takes over operating the UK lottery.
Camelot has its headquarters in Watford England and is owned by the Ontario Teachers Pension Plan which will now transfer its 900 staff over to Allwyn once the official handover is completed in 2024.
Allwyn has said it will half the price of a lottery ticket back to the original £1 stake currently Camelot charges £2. Estimates have it that the lottery once Allwyn takes over will generate £100 billion in sales for the 10-year tenure Allwyn will run the lottery.
It is reported that since 1994 £46 billion has gone to good causes in the UK from lottery sales.
