This comes as a massive surprise to most people in the gambling world after Camelot’s recent increased revenue and profit. Although we are sure he has his reasons! Camelot is the operators of the UK’s national lottery and has been since May 1994 (on and off). Their current contract is due to run until 2019 and could be extended for a further 5 years. They’ve had their fair share of controversy over the years, after being given the national lottery whilst royal mail (nationalized service) owned 20% of the shares put the company in the media’s spotlight but this was all the way back in 2001 and everybody has pretty much forgotten about his now.
In March 2010 a Canadian company (Ontario Teachers’ Pension plan) bought Camelot for 389 million and have remained the majority shareholders since then. The company employs 750 people and their headquarters are based in Watford, England. They have a massive revenue of 5.5 Billion pounds and many different sources of income to make that up. They only keep 5% of this revenue though which may surprise many people. The rest of the money goes to funding many different projects such as the Olympic Games, Sporting activities around the country, lottery winners and much more!
The latest news that longtime CEO Andy Duncan will be stepping down wasn’t expected, although Duncan has agreed to work with Camelot for a while to help ensure the transition of power, new workers and everything else goes as planned. He will also continue to represent Camelot UK on the committees of the World Lottery association, the Euro Millions Lottery operator’s board, and the European Lottery association until he has officially stepped down in the summer.
He has clearly enjoyed his time with the company and has not been forced to exit, or at least it doesn’t seem that way with what we’ve heard so far! He said “I’m proud that total returns to good causes during the last six years exceeded £10bn, an increase of 25% or nearly £2bn compared with the previous six years. I believe that the purpose at the heart of the National Lottery has never been stronger, changing lives by creating a millionaire nearly every day whilst returning more than £30m to good causes every week.”
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