Tattersallâ€™s Ltd agreed to buy Golden Casket Lottery Corp. on Monday for $530 million, giving the firm a dominant position in Australian lottery sales.
The firm is acquiring all the shares in the government-owned Golden Casket, currently Queenslandâ€™s exclusive lottery operator.
The terms of the agreement include appointing Golden Casket as a licensed lottery operator until 2072. The government will also not award another lottery license in the state until 2016 without compensating Tattersallâ€™s.
Chief Executive Dick Mcllwain expects the combined business of Golden Casket and its other businesses to generate more than $2 billion in sales, or more than 50 percent of total Australian lottery revenue.
The buyout now gives Tattersallâ€™s a monopoly in five of eight states and territories in Australia. Golden Casketâ€™s head office will remain in Queensland, Tattersallâ€™s said in a statement.
Golden Casket sells lottery tickets and instant-scratch tickets through newsagents and convenience stores.