Spain looks to privatise lottery
24/05/2011 09:51:49
The El Gordo Lottery, run by the National Lottery Sociedad de Loterias is the richest lottery draw in the world, and pretty soon it could be making some of the biggest companies in the world rich too. As Spain looks to privatise its Lottery draw we look at just how much the company, which is currently governement owned is worth and why Spain might be taking the decision to privatise the company.
Many countries across Europe are struggling financially at the moment. Greece and Ireland have seen highly documented downfalls and the Sociedad de Loterias is a huge asset for the country. The lottery company has been valued at over €10 billion, which could mean a big boost for the Spanish economy, but really even at this value it could be a drop in the ocean compared to its long term assets.
Financial advisers are branded the intended move by Spain foolish, and it remains to be seen what will now happen. If the sale goes through it will be the biggest in Europe, but that is hardly surprising when you consider that the single El Gordo Spanish Lottery draw gives away €2 billion in prize money.
The Spanish government and officials from the Sociedad de Loterias will be meeting later in the Autumn to discuss the proposal further but for players who enjoy the Spanish Lottery draws, there’s no need to worry. For customers the changes will mean very little and world lottery players will be able to continue playing the draws as usual.
Written by Lucy Lotto
Page Last Updated: 17/07/2011 19:16:57
