§ Lord Moynihanasked Her Majesty's Government: Whether they will provide an estimate of the projected revenue to the Exchequer resulting from the proposed Olympic lottery game. [HL197]
§ The Parliamentary Under-Secretary of State, Department for Culture, Media and Sport (Lord McIntosh of Haringey)In the event of a successful London Olympic bid, Camelot's estimates, as reviewed by the National Lottery Commission, are that new Olympic lottery games could raise £750 million towards the costs of staging the 2012 Olympic and Paralympic Games. Lottery duty of 12 per cent of total sales would be deducted, in line with the current arrangements for all National Lottery games, resulting in estimated gross 143WA revenue to the Exchequer of approximately £340 million. However, the net increase in revenue to the Exchequer is likely to be significantly lower, perhaps in the region of £140 million. This estimate is based on Camelot's assessment that over half of new Olympic lottery sales might represent diversion from existing lottery games.