New Lotto is a Floppo
02 Jun 2006
THE new ‘Monday’ lotto is in crisis after sales from its first four draws flopped.
Organiser Chariot plans to slash costs and may cut jobs.
The news sent shares tumbling by 63 PER CENT yesterday.
Chariot’s internet draw - which backs 70 charities, rotating five a week - has lower prizes but better odds than the National Lottery.
It was launched with a fanfare on May 8 and ticket sales were capped at 10million a week.
But only 1.68million IN TOTAL have been sold so far. Chariot is chaired by Tim Holley, ex-boss of Camelot which runs the National Lottery.
The older lotto sells up to 90million tickets a week, generating about £25million - 28p from each ticket - for good causes.
Play Monday pledges 30p from each £1 ticket. Players choose which charity to back. They include Shelter, Barnardo’s and Samaritans. Top prize is £1million, but Chariot’s policy is not to reveal if anyone has won.
It says the odds of winning are 501,000 to 1 - 27 times better than the bigger-prize National Lottery.
Last night bosses said they plan to issue more stocks to raise cash.
They admitted they would cut costs through a “revised business plan” — but would not say if that meant job cuts until a meeting next week.
Associated Link: http://www.thesun.co.uk/article/0,,2-2006250594,00.html
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