Irish government are seeking to auction the licence for the country’s national lottery.

Plans have been unveiled to award a 20-year licence to the highest bidder, with the sale expected to generate between €400m and €600m for the cash-strapped nation.

The current licence has been held by the Irish post office since the launch of the lottery in 1987.

Ireland’s minister for public expenditure Brendan Howlin said: “Where the state identifies options to generate additional revenues that don’t impact taxpayers, we need to pursue them.”