Home news National Lottery players could win £10,000 a month for life

National Lottery players could win £10,000 a month for life

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Camelot, the operator of the National Lottery, is planning to introduce a new game which offers winners a monthly income for the rest of their lives.Instead of winning a lump sum, those taking part in the new game could win as much as £10,000 a month, providing them with a lifetime annuity.Camelot said it was one of the different options it was looking at as a way for it to attract new players. It follows a poor performance, as the firm raised less money for good causes.A spokesperson for Camelot said the annuity-style prize was not designed to prevent binge spending.He said it was for people who had “a different dream”. It is likely to be introduced some time in 2019.In the six months to the 23 September, National Lottery ticket sales fell by 3.2% compared to the same period last year.Over the same time it raised £746.6m for good causes, a 4.7% drop on 2016.A ‘different dream’Camelot UK has also appointed Nigel Railton as its permanent chief executive. He is charged with returning the National Lottery to growth.Mr Railton is said to be keen on the annuity idea, having spent time in Chicago as boss of Camelot Global.In the United States pay-outs of $10,000 a month for life are a regular feature of local lotteries.A number of lump-sum lottery winners have lost their cash after spending all their winnings.

Among them was Pete Kyle from Plymouth, who won over £5m in 2005.In August this year The Sun wreported that he was penniless, after blowing the cash on luxury cars and holidays.Lotto revisionCamelot said it was also planning to re-design its Lotto game, following criticism by players.In 2015 it added 10 extra balls to the draw, making it harder to win a jackpot.From next year it said it will offer a better game, with improved odds of winning.However it is going to keep the existing number of balls.
Source: BBC