Govt nets €405m after selling National Lottery

The Government has agreed a deal to sell the rights of the National Lottery.

A consortium of An Post and British lottery operators Camelot will buy the 20-year licence for €405m.

Half of that sum will be payable this December, with the remainder coming next October when the 20-year term begins.

It is being reported that at least half of the money will go towards paying off the national debt.

The contribution to good causes will be set at 65% of gross revenue - that is the money which the Lottery will generate from ticket sales etc - and the retailer commission will be maintained.

The Minister for Public Expenditure, Brendan Howlin, said the sale was "a good deal for Ireland."

"It certainly allows us to ring-fence the €200m we promised for the children's hospital, and that will be done, and have further monies to invest in job creation across the country," he said.