Lottery winners set for annuity-style payments
Camelot has today announced an overhaul of its games in a bid to return the National Lottery to growth following disappointing, but expected, sales figures.
In its half-year financial results, Camelot reported that National Lottery ticket sales stood at £3.2bn in the first half of 2017/18 – a fall of 3.2%, while returns for good causes fell 4.7% to £746.6m.
As a result, it has outlined a number of changes to get The National Lottery back into growth territory and to raise as much money as possible for good causes.
It is considering bringing in an ‘annuity-style game’ where winners would receive an income for life rather than one big lump sum.
The report states: “Given the growing number of players who dream of long-term financial security rather than big jackpots, Camelot will explore ways of satisfying this demand with an annuity-style game.”
Camelot said it’s very early days so it doesn’t have details of how the game will work or what prize will be on offer but said it’s in the pipeline for 2019. It added that it is looking at lottery games ran overseas, such as in the States where players are offered the equivalent of £10,000 of £5,000 a month for life.
As part of its ambitious turn-around programme, Camelot also announced it has appointed Nigel Railton as permanent CEO of the company.
A total of £1.8bn in prize money was awarded to players and 144 new millionaires were made in the first half of 2017.