Business

Next Lottery operator admits Russian sanctions could hit business

Next National Lottery operator admits Russian sanctions could hit business as a result of father or mother company’s hyperlinks to Gazprom

Russian links: Allwyn Entertainment won the contract to run the National Lottery from 2024

Russian hyperlinks: Allwyn Entertainment gained the contract to run the National Lottery from 2024

The National Lottery’s subsequent operator has admitted sanctions related to the Russian invasion of Ukraine could have an effect on the business.

Allwyn Entertainment gained the contract to run the National Lottery from 2024 – however questions have been raised over its father or mother company’s hyperlinks to Russian fuel big Gazprom.

The founder, Czech billionaire Karel Komarek, could be in line for a $750million (£572million) pay day when he lists Allwyn on the New York Stock Exchange.

The 53-year-old made a lot of his fortune from investments in oil and fuel after the tip of the Cold War however final month he began to chop hyperlinks to Gazprom. 

The billionaire additionally condemned the Russian invasion of Ukraine final month.

Allwyn’s father or mother company KKCG runs a fuel storage enterprise with Gazprom within the Czech Republic however is methods to finish the Russian agency’s involvement.

But an investor presentation for Allwyn warned: ‘The conflict between Russia and Ukraine, and related sanctions could negatively impact us.’

Allwyn gained the contract for the National Lottery from Camelot earlier this year after the Gambling Commission awarded it a five-year licence. 

But the deal could stall, as Camelot is taking the Gambling Commission to courtroom for stripping it of the licence after 25 years.

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