Tattersall'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 Queensland'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 Tattersall'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 Tattersall's a monopoly in five of eight states and territories in Australia. Golden Casket's head office will remain in Queensland, Tattersall's said in a statement.

Golden Casket sells lottery tickets and instant-scratch tickets through newsagents and convenience stores.