JUMBO SURVIVES JACKPOT LULL

JUMBO SURVIVES JACKPOT LULL

 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.

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