Tatts to manage SA Lotteries
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Gaming firm Tatts has secured the right to operate South Australia's lottery and Keno services for the next 40 years.
Tatts has agreed to pay $427 million for the exclusive management agreement with the South Australian government.
Chief executive Dick McIlwain said the transaction would immediately boost the company's earnings per share.
"The extension of Tatts Lotteries business into South Australia is a logical and natural expansion of our lottery businesses in Queensland, New South Wales, Northern Territory, Victoria, Tasmania and the Australian Capital Territory," he said in a statement on Tuesday.
Under the agreement, Tatts will be able to use the government-owned SA Lotteries' brands and products for 40 years, beginning on December 10.