A new agreement replaces the traditional 10-year cycle.
Australia.- The Lottery Corporation has received a 40-year extension of its Victorian Public Lottery Licence. The move allows it to continue operating in the state until June 30 2068.
The agreement, reached after exclusive negotiations with the state government, replaces the traditional 10-year cycle and provides longer term certainty in the company’s second-largest lottery market. The group has held the licence since 1954 through its subsidiary Tattersall’s.
The company will pay an upfront fee of A$1.145bn (US$821m), funded through a mix of new debt and existing facilities. The payment will be made in two instalments later this year.
CEO Wayne Pickup said the extension “secures our future in Victoria through to 2068” and “significantly lowers the risk profile of the business,” while reinforcing its national footprint across all Australian states and territories except Western Australia. He noted that the company’s next major licence renewal will not be due until 2050.
The extension brings operational benefits, including a 10-year renewal of agreements for lottery retailers and upgrades to systems aimed at improving responsible play and digital experiences. “Today’s licence extension allows The Lottery Corporation to continue to responsibly deliver safe, engaging and sustainable entertainment to Victorians for many years to come,” Pickup said.
The company said the agreement will not impact 2026 dividends, although it plans to adjust its dividend policy from 2027 to a more cash-based approach.
A new agreement replaces the traditional 10-year cycle. Australia.- The Lottery Corporation has received a 40-year extension of its Victorian Public Lottery Licence. The move allows it to continue operating in the state until June 30 2068. The agreement, reached after exclusive negotiations with the state government, replaces the traditional 10-year cycle and provides longer…
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