Finance

A new lottery game gives winners up to £10,000 a month for the rest of their lives

lottery britainA National Lottery sign is seen over the entrance of the newsagents where EuroMillions lottery winners Colin and Chris Weir bought their winning ticket in Largs, Scotland July 16, 2011.David Moir/Reuters

  • Camelot is launching an annuity-style lottery which rewards winners with a monthly income for life rather than a lump sum.
  • The reward could be worth up to £10,000 a month.

LONDON — Camelot, the UK’s largest lottery operator, is launching an annuity-style game which rewards winners with up to £10,000 a month for the rest of their lives.

Rather than winning a lump sum, winners would be rewarded with a monthly income. The group said in a statement the game would appeal to “the growing numbers of players who dream of long-term financial security rather than big jackpots.”

In the UK, a small number of lottery winners who became millionaires overnight blew their fortunes, but a Camelot spokesperson denied to the BBC that “binge spending” was a driving force behind the new game. There are also no plans to scrap the popular jackpot game.

It also represents a bid from Camelot’s new chief executive Nigel Railton to turn around the ailing fortunes of the firm. It saidticket sales for the six months from 1 April to 23 September 2017 were £3,280.4 million, a decrease of 3.2% on last year’s first-half performance.

Railton is reportedly keen on the annuity-idea, having run Camelot Global in Chicago, where monthly pay-outs are a regular feature of lotteries.

The new game is likely to be launched in 2019.

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