Tatts Group Buys NSW Lotteries

Submitted by Share Trading on 2 March, 2010 - 08:58

Tatts Group Limited (TTS) has bought NSW Lotteries from the state government. The public gambling, wagering and lottery company will be given a 40 year licence to run the gaming. The deal is worth just over $1 billion. Taxpayers will benefit from the sale.

The NSW government will receive $850 million cash from Tatts Group as consideration for the licence and purchase of NSW Lotteries Corporation. The taxpayers will continue to benefit from the deal from ongoing payment of government duties from the sale of lotteries products, which was $330 million last year. NSW Treasurer, Eric Roozendaal has said: "Tatts Group’s offer met the Government’s objectives of achieving the best value for taxpayers and ensuring the ongoing integrity of public lotteries in NSW. Tatts Group is a leading operator of lotteries in Australia and has the necessary operational and financial capabilities to ensure NSW taxpayers continue to benefit from public lotteries."