UK National Lottery mulling prize that could guarantee £10,000 per month FOR LIFE after sales slump

  • UK National Lottery may introduce game offering winners a monthly lifetime income
  • Shake-up is in response to a 3.2% drop in sales

Lotteries, and the possibility that, despite unfathomably long odds, you might bag a life-changing win, are increasingly being shunned by younger generations, leading to a lot of head scratching on how to make the model sustainable.

First National Lottery multi-millionaire Mukhtar Mohidin dies
The National Lottery in the UK believes that a regular income of up to £10,000 per month for life, could attract more players.

Camelot, the company which currently runs the UK National Lottery has announced that it will be considering a new game as part of an attempt to attract new players.

Instead of offering winners a life-changing jackpot, the new game would provide a regular monthly income for the remainder of the winners’ lives and the amount could be as high as £10,000 per month.

According to a spokesperson for Camelot, the game was one of several options it was looking at in an attempt to attract new players, though if it does go ahead, it is not likely to be introduced until 2019.

Recent research has suggested that younger people have more modest hopes when it comes to lotteries, and would actually prefer a greater chance of smaller wins to, for example, buy a house, pay for a wedding, or generally get their finances on a stable footing.

The proposed changes follow a period of poor performance by the National Lottery, which saw ticket sales drop by 3.2 percent in the six months to September 2017, compared to the same period last year.

The amount of money it has raised for good causes also fell, by a little under five percent on the previous year.

Annuity idea

Camelot has recently appointed Nigel Railton as its new chief executive, and he has been given the task of reversing the decline in lottery sales. The former boss of Camelot Global is believed to be enthusiastic about the annuity idea, which is popular in the United States, where lifetime $10,000 a month pay-outs are a common feature of state lotteries.

Among the other changes floated by Camelot are plans to re-design the Lotto game, which has been criticised by players following the introduction of ten extra balls in 2015, which made it harder to win the jackpot.

The company have said they intend to offer a better game from 2018 with an easier-to-win jackpot, though the number of balls will remain the same.

The current Lotto odds of winning the jackpot are a little over 45 million to 1.

Camelot’s current license to operate the National Lottery expires in 2023 but the bidding process opens in 2019 and newspaper owner Richard Desmond, who currently runs the Health Lottery, has declared an interest in taking over the franchise.

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