The Government has announced that a consortium of An Post and the British lottery operators Camelot will run the lottery here from next year.

The 20 year licence will see the Government paid 405 million euro by October next year.

Premier Lotteries Ireland is a new consortium of An Post, An Post Pension Funds and Ontario Teachers’ Pension Plan - the owner of the Camelot Group.

The consortium has now been selected by the Minister for Public Expenditure as the preferred bidder for the 20 year licence

It's after the group submitted the highest licence fee proposal of 405 million euro/ half of this will be payable in December this year once the licence is signed and the remainder in October next year when the 20 year term starts.

The contribution to good causes will be set at 65% of gross revenue and the retailer commission will be maintained.