)
A LOW run of jackpots has not deterred punters, according to lottery business Jumbo Interactive (ASX: JIN).
The company has experienced strong trading in the first half of FY14, with a forecast total transaction value of $48-$51 million, in line with the previous half year period, despite only four jackpots reaching $30 million or more, compared to eight in the previous half.
JIN CEO Mike Veverka (pictured) says jackpots of $30 million or more are a major driver of ticket sales and new customer accounts.
“Reaching the sales level of the previous period with less jackpots to work with is a result of a growing database and customer retention efforts” he says.
“The internet lottery market in Australia continues to grow but is subject to the same short-term fluctuations caused by jackpots.”
JIN net assets rose from $20.5 million at June 30, 2013 to $21.3 million at October 31, 2013 despite international expenses in Germany, Mexico and the USA.
The company expects the launch of a new website in Germany to begin making a contribution in the second half year period. The launch of a Mexican website is not expected until later in 2014.
Enjoyed this article?
Don't miss out on the knowledge and insights to be gained from our daily news and features.
Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.
Support independent journalism and stay informed with stories that matter to you.
)
)
)
)
)
