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Jumbo Interactive aims for $1 billion revenue as punters flock to internet

Business

Brisbane-based lotteries group Jumbo Interactive has targeted $1 billion of sales by 2022 after reporting a $26.5 million profit for the June 30 year.

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The COVID-19 restrictions have benefited the company by driving lottery buyers online despite lower jackpots for the year.

Jumbo also said there had been a 24 per cent spike in the 65 years-plus customer demographic while sales increased in July with an $80 million Powerball.

The number of active customers jumped 9 per cent in the year to 827,000. Revenue was up 8.7 per cent to $348 million.

The company was negatively affected by the number of large jackpots of $15 million or more which fell from 49 in 2019 to 39. There were 11 jackpots above $50 million versus 14 in 2019.

It said it was halfway towards its $1 billion in sales with $340 million from ozlotteries.com and $140 million from its software as a service business.

Jumbo also signed a fifth contract for its software as a service business, which provides the IT for other companies THAT run lotteries.

It declared a final dividend of 17 cents a share.

The company also operates the ozlotteries.com in Australia under agreements with Tabcorp and started selling lotteries on the internet in 2000. Tabcorp is also a major shareholder in the company.

The company has formalised a 15-year contract extension to Tabcorp which it said would allow the company to continue to grow lottery sales in Australia.

Founder and chief executive Mike Veverka said the long term focus was necessary to grow the “powered by Jumbo” software as a service business and achieve the $1 billion vision by 2022

The software business allows Jumbo to become a partner with other lottery operators around the world.

Jumbo is part of a small but growing tech industry in Queensland.

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