SYDNEY, AUSTRALIA - New South Wales' national lottery is headed towards privatization.
The government of New South Wales finally agreed on the move to privatize the state lottery after kinks were ironed out last week between the ruling Australian Labour Party and their opponents in parliament.
The proposal to privatize the state's lottery was first introduced late last year. However, opposing politicians casted their doubts on the move claiming the proposal did not have adequate coverage and protection for those small businesses that were selling NSW lottery products. Last week finally, Premier Nathan Rees made possible a compromise that allowed the proposal to finally move forward.
New South Wales will bid out the project and the winning operator will be endowed a 40-year license.
The privatization project has perked the interest of several companies including Victoria-based Tattersalls, and a TabCorp-initiated consortium. Other companies expected to bid for the license include Intralot, GTECH, and Singapore's Tote Board.
The privatization, once pushed through, will earn the NSW government $519 million.
