Development Lotteries Board known as Development Lottery Centre at the inception was established in 1983. The main objective of the Centre was to assist the Government to raise finances. Subsequently, in 1993, the Development Lottery Centre was formed to a Trust known as the “Development Lottery Trust”. On 12th August 1997, the Trust was converted to “Development Lotteries Board” by the Development Lotteries Board Act.20 of 1997.

Mahapola Trust Fund invested Rs. 2.2 mn in Development Lotteries Board, Board includes Chairman of the Mahapola Higher Education Scholarship Trust Fund or his representative.

The income generated by Development Lotteries Board is directly credited to the President’s Fund, then 50% of the profit remitted for the Mahapola Higher Education Scholarship Trust Fund.