Lotto increase was signed off by new regulator
THE new Lotto regulator signed off on a hike in ticket prices which will hit punters from September - although they were on the cards before he was hired.
Liam Sloyan, the State's first Lotto regulator, sanctioned the increase, meaning that a two-line ticket with Lotto plus will soon cost €5.
Two numbers are also being added to the draw, decreasing the odds of scooping the jackpot.
Premier Lotto Ireland (PLI) have branded the changes as a 'Bigger, Better Lotto', saying it will deliver a "more exciting game and bigger jackpots".
"A game change has been considered for some time, however, it was postponed due to the process of selling the National Lottery license and the transition to the new operator," Chief Executive of PLI, Dermot Griffin, said.
The changes were put to the regulator prior to the increase and he looked at material including market research, which Lotto bosses say showed customers wanted a new-look game. Despite the price increase and the lengthened odds of a jackpot win, Mr Sloyan was happy that the changes met a long list of criteria.
Under legislation guiding the role of the regulator changes must be shown to uphold "player protection".
Mr Sloyan also had to assess whether there would be any impact on the sustainability of the Lotto, the reputation of the Lotto and on the impact on funds raised for good causes.
Another benchmark the changes were considered against was that the game would continue to comply with the law, the Lotto licence and advertising standards within the state.
My Sloyan was appointed the first Lotto Regulator in 2014. Signing off on the changes is likely to be seen as his first significant act since his appointment, as it marks the first change in prices in the Lotto since 2006.
PLI became the first private operators of the national draw last year after a tender process.