Blog

Profits 'scam' at greedy Camelot

Dow Jones Newsletter

THE operator of the National Lottery was yesterday accused of "making a mockery" of its monopoly after revealing profits of £71million - while chances of winning the jackpot have fallen dramatically. Annual accounts from Camelot showed gross ticket sales raked in £7.2billion, up from £6.7billion in the previous year.

But tickets have doubled in price to £2, while the chances of winning have been slashed following controversial changes.

And rivals pointed out that millions had been paid to Camelot's parent company, Canada's Ontario Teachers' Pension Plan, rather than being handed on to good causes.

Andy Duncan, the 53-year-old boss of Camelot UK, claimed recently that the Lottery's success was all down to "how effective you are in terms of innovation".

But critics said "innovation" to increase profits had simply involved doubling prices and lowering the chances of winning.

Last night a spokesman for rival The Health Lottery said: "Camelot's latest financial revelations make a mockery of its own CEO's claims that smaller society lotteries such as The Health Lottery are a potential stranglehold to its business.

Read More

Please Login to comment.
Statements and opinions expressed in articles, reviews and other materials herein are those of the authors; the editors and publishers.
While every care has been taken in the compilation of this information and every attempt made to present up-to-date and accurate information, we cannot guarantee that inaccuracies will not occur. FundPage, Inc. will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
The content of any organizations' websites which you link to from www.FundPage.com are entirely out of the control of FundPage, Inc., and you proceed at your own risk. These links are provided purely for your convenience. They do not imply FundPage, Inc.’s endorsement of, or association with any products, services, content, information or materials offered by or accessible to you at the organization’s site.
All copyright and trademarks accessible via the links from www.FundPage.com are owned by the respective website owners, or their licensors.
FundPage shall also have the right to remove any contents posted at any time without cause as FundPage determines in its sole discretion.

My Community

My Friends