Jumbo Interactive (ASX:JIN) reports that its recent acquisition of Gatherwell Limited has been approved by the UK Gambling Commission.
The effective date of the acquisition will be 1 December 2019 and the contribution to the Group financial results for the seven months to 30 June 2020 is expected to be $8.6 million ticket sales, $1.6 million in revenue, and $0.5 million £0.3 million net profit before tax.
In 2000, Jumbo sold its first lottery ticket on the internet and witnessed a dramatic rise in popularity due to the convenience of buying tickets online.
The Company operates www.ozlotteries.com in Australia under agreements with Tabcorp (ASX:TAH).
In 2019 Jumbo entered the UK market with an acquisition of Gatherwell Limited and has embarked on a “$1 Billion vision” to reach $1 Billion in ticket sales on the Jumbo platform by FY2022.
Shares in Jumbo Interactive (ASX:JIN) closed 5.21 per cent higher at $20.99 on Friday.