The National Lottery is being signed over its new operators today. Premier Lotteries Ireland has been granted a 20 year licence.

It is paying €405 million for the contract.

The consortium includes An Post, the Camelot Group and the Ontario Teachers Pension Plan (OTPP). Half of the money will be used in the development of the new National Children's Hospital in Dublin.

Premier Lotteries Ireland say they will invest in state of the art technology to facilitate the retail network in growing sales, as well as digital innovation.

A key focus they say will be on growing the online channel to provide players with more choice.

Ontario Teachers’ Pension Plan is the largest single-professional pension plan in Canada, and the 100% owner of the Camelot Group. The Group includes the UK National Lottery operator Camelot UK and Camelot Global which provides consultancy and management services to lotteries.

An Post has operated the lottery since its creation in 1986.

The Public Expenditure and Reform Minister Brendan Howlin says the remainder will be allocated to job creation projects nationwide.