Winning National Lottery bidder Allwyn Entertainment has confirmed its acquisition of defeated rival Camelot.
The firm announced the news on 19 November and said it anticipated the deal to close in Q1 of 2023, subject to regulatory approvals, including from the Gambling Commission.
Although the value of the purchase hasn’t been disclosed, Sky News reported the takeover would cost up to £100m when rumours first began at the start of the month.
Allwyn will begin operating the Fourth Licence from 1 February 2024, and until then Camelot will continue to be operated separately, in accordance the terms of the Third License. The firm added the ownership of Camelot will help facilitate a smooth transition.
CEO Robert Chvátal commented: “We are delighted to have the opportunity to acquire the current operator of the Third Licence for the UK National Lottery. Allwyn and Camelot share a common goal: a passion to protect and improve the UK National Lottery, and the good causes it celebrates. Common ownership of the operators of both the Third and Fourth Licences will help ensure the successful delivery of the National Lottery both in 2023 and over the next decade.
“Allwyn is committed to making the National Lottery better, raising more for good causes and improving player protection. This deal strengthens the transition process and helps support Allwyn in achieving its vision for the National Lottery.”
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