The Britain-based firm that runs the national lottery in the United Kingdom is pledging to provide more than $34 billion in profits over 20 years if it wins a contract to manage the Pennsylvania Lottery, Gov. Tom Corbett’s administration said Tuesday as it moves toward privatizing the state’s $3.5 billion system.
The administration said it will weigh the offer by Camelot Global Services, which the company said is good until Dec. 31.
The offer is the only one the administration said it will receive after two other companies that it would not identify dropped out.
The revelation of the bid was the first time that Corbett has disclosed the identity of an interested party since the administration announced in April that it would explore privatizing the lottery in an effort to raise more revenue for the programs for the elderly that it supports.
Camelot’s bid would represent an annual lottery profit increase of about 3 percent to 4 percent a year, roughly the same annual percentage gain in profits that the lottery has realized over the past decade.
About 230 employees currently work for the Pennsylvania Lottery. Should Camelot win the contract, the state would keep about 70 employees on board and the rest would be able to interview with Camelot, Department of Revenue spokeswoman Elizabeth Brassell said Tuesday.
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