New South Wales based in Australia has recently revealed its plans to offer an exclusive license for their state lottery.
According to Eric Roozendaal, the treasurer for New South Wales, the government would then take over after the exclusive license expires.
“Issuing a licence for the operation of New South Wales Lotteries means public funds can better be directed to priorities such as health, transport and education,” said Roozendaal.
“These funds will come from the proceeds of issuing the licence and the continuing receipt of duties.”
Lotteries are a good source of income as proven by many other nations and states jumping on board in order to raise funds for charities, education, and sports arenas. Many times lotteries slip off the radar of being a source of gambling which actually encourages more participants to be active in playing.
“As a strong and resilient business, New South Wales Lotteries is a compelling investment opportunity. We are encouraged by the high degree of interest from prospective buyers of the licence.”
The terms of the agreement have yet to be divulged, however, they are currently considering a 30 year contract that will include key lottery products with the exclusion of Keno in the state.
Roozendaal stated that they have investigated the other lotteries in nearby cities to take under consideration for their licensing agreement. The proposed plan would not begin until the second half of the year.
“We believe a sole-distributor model has proven to be the most efficient distribution model for lotteries and is, therefore, in the best interests of the community,” said Roozendaal.
“The views of key stakeholders, including employees and New South Wales Lotteries agents would continue to be an important consideration. The fair and equitable treatment of these stakeholders has been central to our deliberations and we intend to ensure their needs are considered.”
