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By (user no longer on site) OP
over a year ago
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Against my finer judgements, I played the national lottery last night (the poor mans tax) and fool on me for doing so.
FACTS; (you may not want to read)
They have now raised the ticket cost by 100% from £1 per ticket up to £2 per ticket and lowered the main prize down to £2 million on a Wednesday and £4 million on a Saturday with odds of winning being 1 in 14 million
In October 2015 they plan to add a further 10 numbers to make it even harder to win the main prize; Lottery expert Professor Ian Walker said the odds of scooping the top prize will rocket from 1 in 13,983,816 to 1 in 45,057,474.
Camelot are banking on the average player not understanding the "almost impossibility" of the odds.
Total sales
Week ending
4th April 2015
£142.8m
11th April 2015
£132.4m
18th April 2015
£136.3m
25th April 2015
£142.8m
Today, critics expressed anger at the plan to boost the top management's pay after hiking the price of lottery tickets
A Camelot spokesman said the money was for 25 'key managers' and was 'not a payment but a provision' that would only be paid if challenging targets were met
There is a bonus scheme available to all staff in companies across the Group.
'Attracting and retaining the highest calibre of staff at all levels has been a key factor in Camelot's continuing success as one of the world’s leading lottery groups.'
Last year the company paid out £6.5m to bosses, including bonuses of £900,000. Camelot chief executive Dianne Thompson earns around £1million a year, not including her bonus
Fingers crossed: Bonuses for top staff including chief executive DianneThompson are dependent upon 'challenging targets' (and fleecing the public more)
TAX AVOIDENCE: DODGING UK TAX
Camelot, the company behind the National Lottery, has avoided millions of pounds in corporation tax by exploiting a legal loophole that HMRC failed to close.
The company saved an estimated £10m in tax in the last two years through interest on loans taken from its Canadian owner via the Channel Islands Stock Exchange. Its owner is one of Canada’s largest pension plans, the Ontario Teachers’ Pension Plan board. The revelation comes as the National Lottery has doubled the price of its tickets to £2.
In the second part of a joint investigation by Corporate Watch and The Independent, it can also be revealed that HMRC considered closing the loophole that Camelot and others are using last year – but decided against it after lobbying from major accountancy and finance firms
Generaldixielee's tip of the day;
Don't get rich by playing the national lottery (you never will)
instead; Wait until October/November when sales will severely drop due to adding additional 10 numbers, = share price will drop, buy shares at this time
People forget and eventually start playing again as they are desperate for cash, = share price goes up, your dividends pay out, the company continues to dodge tax and make your savings increase
a lot to read but for your own good
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nice post.
