August 31, 2020

Jumbo eyes international expansion after FY 2020 growth

Jumbo eyes international expansion after FY 2020 growth

Australia—Online lottery retailer Jumbo Interactive announced that it had an 8.7% year-on-year increase in revenue for its 2020 financial year (FY). The company is now aiming for growth in markets such as the US, UK, and Canada and also eyes on increasing sales to AU $1 billion.

The total sales for the 12 months up to June 30 amounted to AU $348.6 million (US$251.0 million), with revenue going up from $65.2 million to $71.2 million. The retailer benefitted from Covid-19 shutting down land-based lottery retailers in the latter part of this year. According to Mike Veverka, Jumbo Interactive chief executive, the shutdown helped to drive players online.

Its core Australia Lotteries also saw a 6.9% increase on year-on-year revenue to $68.7 million. This was aided by a $260,000 contribution from its growing software-as-a-service business, and large jackpots that drove customer activity.

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