You are here: Home - Household Bills - News -

Lottery winners set for annuity-style payments

0
Written by: Paloma Kubiak
21/11/2017
Lucky players who win the National Lottery could receive ‘annuity-style’ payments instead of one life-changing sum of money, Camelot has revealed.

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.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Five funds for a monthly income

Darius McDermott, managing director of FundCalibre, discusses five funds that offer an inflation-beating monthly income.

Close