Jumbo Interactive (ASX:JIN) pleased to acquire Gatherwell in the UK

Company News

by Rachael Jones

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Last Updated: 6/12/2019 3:59 PM

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.