Share dealing opens for new charity online lottery company
Howard Lake | 6 February 2006 | News
Share dealings have today opened in Chariot (UK) plc, a new venture which intends to run an online lottery to raise funds for charities.
Before being admitted to the Alternative Investment Market (AIM), operated by the London Stock Exchange, Chariot had raised £9.6 million (gross), resulting in an approximate market capitalisation of £18 million at the placing price.
Commenting on the announcement, Craig Freeman, Managing Director of Chariot, said: “We are pleased to have successfully completed our flotation. The funds raised will provide us with a strong platform upon which to launch our game in 2006 and we look forward to delivering a new and exciting lottery for the benefit of players and charity partners alike”.
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Chariot was founded in April 2003 with the aim of increasing the percentage contribution, per ticket sold, to registered charities compared to that passed on by Camelot’s The National Lottery. Chariot will allow the lottery players to choose the registered charity benefiting from their lottery ticket purchases
Chariot, however, differs from the National Lottery because its business model involves it operating under society lottery rules. It will be primarily an online game, with some players also using the phone or post.
So far over 50 charities have signed contractually binding agreements to participate.
About Howard Lake
Howard Lake is consultant editor of UK Fundraising. He founded the site in 1994 and successfully sold it in 2022. As director of Giving X Ltd he is exploring growing giving on a massive scale.
He is the founder of Fundraising Camp and co-founder of GoodJobs.