New Lottery in UK Pays Winners Monthly Lifetime Income
A new plan by Camelot, the operator of the National Lottery in the U.K., could increase ticket sales by taking a different approach to awarding game prizes. A change that the company is testing includes paying winners as much as £10,000, or about US$13,300, every month for the rest of their lives.
This unique approach to lottery prizes will do away with awarding one-time sums, at least for Camelot's best-selling game that the firm describes as a way to give "a better winning experience," as quoted by Telegraph.
The move could also perk up interest in the National Lottery games again, in the wake of falling ticket sales in recent months. Overall numbers show that in the six months leading to Sep. 23, sales were lower by 3.2 percent when compared to the that of the same span last year.
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"Given the growing number of players who dream of long-term financial security rather than big jackpots, Camelot will explore ways of satisfying this demand with an annuity-style game," the group said in their statement.
There has been a number of lottery winners, some of them winning millions, who blew their prize money in fits of "binge spending," although Camelot denied that this was a reason behind their plan to shift to monthly payouts.
About ten overnight millionaires have been reported to have blown their prize money since 1994, the year when Camelot started recording such information after taking over the U.K. National Lottery.
In their announcement, The Camelot Group in the U.K. has also installed Nigel Railton as chief executive. It could be Railton who brought up the idea of monthly payments, with him having spent a part of his career in Chicago as the head of Camelot Global.
In parts of the U.S., local lotteries would regularly award prizes like $10,000 paid monthly, until the winner dies.
