Record lottery activity drives FY24 revenue increase at Jumbo Interactive 

Revenue for the 12 months to 30 June increased across all three core divisions at Jumbo Interactive. However, it was the lottery retailing business that led growth, with active online customers surpassing one million for the first time.

Jumbo also saw sales reach a record high of $1.05bn within the lottery retailing segment, up 23.7% on the previous year. This, coupled with higher revenue across its B2B business (SaaS) and managed services businesses, left Jumbo with a positive set of results.

Underlying EBITDA came in at $76.6m, up 30%.

Lottery retailing revenue tops $123.4m

Breaking down the record year, Jumbo saw lottery retailing revenue rise 35.2% to $123.4m. Total transaction value (TTV) – gross amount received from the sale of goods and services rendered in the period – also jumped 21.1% to $543.8m.

This, Jumbo said, was helped by a larger number of jackpot draws. During 2024, there were 55 jackpots, compared to 42 last year, with the average jackpot 16.5% higher at $43m.

Jumbo welcomed 423,500 new online lottery players in 2024, with average spend per user rising 7% to $498. In addition, Jumbo said digital penetration from omnichannel users improved from 38.4% to 40.9%.

“FY24 was a record year for Jumbo with over $1.00bn in ticket sales and a 30% increase in underlying EBITDA to $76.6m,” Jumbo founder, CEO and managing director Mike Veverka said. “For the first time in our history, we exceeded one million active players in lottery retailing and our customer database reached 3.5 million.”

Where else did Jumbo see growth?

Away from lottery, SaaS revenue climbed 19.7% to $50.7m, while TTV was 18.6% higher at $232.4m. 

As for managed services, revenue increased by 38% to $25.8m, with TTV also up 34.1% at $277.4m. This segment comprises UK-facing Gatherwell and StarVale, as well as Stride Management Corp in Canada. All three businesses have been added to Jumbo in recent years though M&A.

Jumbo noted that total group revenue discounted $40.6m in intersegment revenue, leaving the $159.3m in consolidated revenue. 

Net profit jumps 26.6%

In terms of costs, spending was higher across all areas at Jumbo, with operating expenses up 34.3% to $57.6m. Staffing expenses were the main outgoing at $28.3m. 

However, such was the impact of revenue growth that operating profit was 25.6% up at $62.8m. After including finance income, pre-tax profit hit $63.7m, a rise of 36.7%.

Jumbo paid $20.4m in income tax and benefitted from $850,000 in foreign currency translation. As such, net profit for the full year amounted to $44.2m, up 26.6%.