Swedish consulting firm tapped to oversee Cyprus lottery privatization

Swedish consulting firm tapped to oversee Cyprus lottery privatization

Cyprus is overhauling its lottery operations with the help of a Swedish gaming consulting firm.

The Ministry of Finance and the Republic’s Privatization Unit have enlisted the services of QLot Consulting AB as a “retained consultant” that will help the Cyprus government “in evaluating and selecting the most suitable private sector participation for the management and operation of the Cyprus National Lottery.

QLot Consulting AB, founded in 1998 with offices in Europe and North America, entered into a consortium with KPMG Cyprus Limited, Irish corporate finance practice Davy, Vlaemminck & Partners BV BVBA—Pharum Legal of Belgium, and Angelides, Ioannides and Leonidu LLC-LLPO Law Firm for the Cyprus National Lottery contract.

Under the contract, QLot will assist the government in different areas of selecting a “suitable manager and operator” of the National Lottery. The consulting firm’s tasks include recommending the most suitable licensing model, appropriate monitoring mechanism, and advising on other policies to ensure that the lottery privatization project protects the public interest while still meeting its objectives.

QLot, an associate member of the World Lottery Association, will also analyze and propose new products that will be added to the Cyprus National Lottery License and then incorporating them in the privatization process; manage regulatory, legal, technical, accounting, tax, commercial, financial, social and other areas or issues relating to the project; and ensure the entire privatization process complies with all laws, regulations and relevant government decisions, among other things.

QLot President Ales Kulich vows to ensure “a world class process” for the Cypriot project.

“This [process] builds on the success of similar processes conducted by QLot, such as the licensing of the Irish National Lottery, the licensing of the Austrian National Lottery (including internet gaming and VLTs) and the licensing, privatization and regulation in Austria of 15 land-based casinos and a land-based poker parlor,” Kulich said.