August 14, 2019 / 5:07 PM / a month ago

Brazil seen raising at least $150 million in lottery license auction

SAO PAULO (Reuters) - Brazil expects to raise at least 600 million reais ($149.35 million) in 2019 through the sale of a license to explore instant lottery services, a government official told Reuters on Wednesday.

Rules for the bidding process will be released on Aug. 26 and the auction is expected to occur in October, said Alexandre Manoel, Economy Ministry secretary, without specifying a date.

The Brazilian government has been trying to sell the instant lottery business for about two years.

Reporting by Carolina Mandl; Editing by Nick Zieminski

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