The United Kingdom Gambling Commission has approved Allwyn’s proposed takeover of Camelot UK, the company in charge of the UK National Lottery. The planned acquisition was first announced in October 2022.
The deal will see the purchase of Camelot UK from its current owners Ontario Teacher’s Pension Plan for approximately £100m, which is around $124m. The deal will see Allwyn take full control of Camelot’s operations. The most notable of these is the management of the UK National Lottery.
Allwyn was officially awarded the rights to the fourth National Lottery back in September 2022. This was the first time in 28 years that the license hadn’t been given to Camelot UK. One of the key aims of the fourth license is to improve the overall customer experience for the lottery. The new license has a fixed 10-year term, with Allwyn taking over in 2024.
Allwyn has stated that the acquisition will allow for a smooth transition of these responsibilities. The acquisition of Camelot UK is still dependent on several regulations and checks, but the approval of the Gambling Commission will be seen as a big step forward.
Both parties have expressed enthusiasm over the acquisition. Speaking about the approval from the Gambling Commission, Robert Chvátal, the interim CEO Of Allwyn UK said they were excited to welcome Camelot UK to their company. They said the move will bring together the collective experience of both companies, and described them as being united by a common passion.
Chvátal continued by saying that this passion was the protection of the National Lottery and all of the good causes it benefits.
The UK national lottery donates money via grants to good causes all across the UK. In May 2022, the lottery announced that it was raised over £1.8bn in the previous 12 months, a new company record.
The acquisition comes at a time of change for Camelot UK. The company’s chairman, Sir Hugh Robertson and its CEO Nigel Railton are both stepping aside from their positions. It is expected that Sir Keith Mills will take over as chairman when the transaction is complete.
Allwyn has also announced several changes to the board at Camelot. Clare Swindell, the CFO of the company, and Neil Brocklehurst, its commercial director, will step into the roles of co-chief executives until the end of January 2024.
Both of these are experienced members of the Camelot team. Swindell has worked there since 2017 and was appointed to the board in 2019, while Brocklehurst has worked in a number of roles for the company over the last 15 years.