The next operator of the National Lottery is in talks to buy the incumbent Camelot in a £100 million deal, stated a recent report.
According to Sky News, Allwyn Entertainment is in advanced discussions with Camelot's Canadian owner about a takeover of its UK operations.
The surprise deal would result in Allwyn controlling the company it will replace as the National Lottery operator in February 2024.Sources said an agreement could be struck in the coming weeks.
"Allwyn is engaged in advanced discussions with Ontario Teachers' Pension Plan which may lead to it purchasing Camelot's UK operations," reports quoted the companies’ statement.
The Gambling Commission, which oversaw the awarding of the new licence earlier this year, is understood to have been informed about the discussions.
If completed, the deal would give Allwyn access to Camelot's UK earnings roughly a year before it surrenders control of the franchise it has held since the National Lottery launched in 1994.
Additionally, it would also trigger the withdrawal of Camelot's outstanding legal challenge against the regulator over the decision to replace it with Allwyn in 16 months' time.
It is also reported citing a source that the deal would also guarantee Camelot's full co-operation with Allwyn in the period leading up to the licence transition.
Camelot employs roughly 1,000 people, most of whom are expected to work for Allwyn once the licence handover takes place.
Camelot in June that sales had fallen for the first time in five years, exceeding £8bn. After taking over from Caemlot, Allwyn is expected to halve the cost of tickets for the main draw to their original £1 price.
Britain in March named Allwyn as its preferred applicant to run the National Lottery, taking over from Camelot, which has held the licence since its inception in 1994.On Sept. 20, the company was awarded the fourth licence to operate the National Lottery from February 2024.
