Camelot Illinois has recently won the contract to be in charge of the Illinois lottery. They are taking over the Northstar Lottery Group after they could not meet their revenue target. In the Northstar’s operations, the revenues seemed to be decreasing. In the recent fiscal year, it was recorded that the lottery made $2.85 billion in sales.
When Camelot Illinois takes over they will be expected to turn things around and hopefully for the better. If they fail to meet the target, they will probably also face the same outcome as Northstar. However, the local subsidiary of UK Camelot Global is confident that they will be able to raise sales to $4 billion.
What is expected of Camelot Illinois
The state of Illinois expects Camelot to make $731 million in net profit within the first year. The lottery provider must also make $859 million in the last year of their contract. Camelot wants to charge the state a $25 million fee for the first year. However, the state lottery is going to evaluate the proposed amount.
The British lottery company plans to purchase $15 million worth of new technology and equipment. They also plan on using mobile apps for marketing purposes. Camelot Illinois is forecasting that they will pay around $23 billion in prizes across ten years.
The contract also states that Illinois lottery will do regular audits to ensure that things are running properly. It will run for ten years at the cost of $2.2 billion.
About Illinois Lottery
Illinois Lottery started back in 1974. Currently, it offers gamblers the opportunity to place bets on Mega Millions, Powerball and smaller jackpots. The lottery is audited by the Mayer Hoffman McCann. E.C. Ortiz & Co. is the accounting company that oversees this audit.