Record lottery activity drives Jumbo Interactive revenue growth in 2024
Date: 2024-08-23 Author: Kirill Zagoruyko Categories: PAYMENT SOLUTIONS
Lottery group Jumbo Interactive recorded revenue growth of 34.2% year-on-year to reach AUD 159.3 million (£81.6 million/€96.3 million/US$107.1 million) in 2024. The growth was driven by record success in its retail lottery division.
The company’s revenue for the 12 months to 30 June grew across all three of its core businesses. However, it was its retail lottery business that was the main driver of growth, with the number of active online users exceeding one million for the first time.
Jumbo Interactive also set a record for lottery sales, reaching US$1.05 billion, up 23.7% year-on-year. Together with the increase in revenue from the B2B services (SaaS) and managed services businesses, this provided the company with positive financial results.
EBITDA (earnings before interest, taxes, depreciation, and amortization) was $76.6 million, up 30% year-on-year.
Retail lottery revenue reached $123.4 million
In detail, retail lottery revenue increased by 35.2% to $123.4 million. Total transaction value (TTV) — the gross amount received from the sale of goods and services during the period — also increased by 21.1% to $543.8 million.
Jumbo noted that the growth was due to an increase in the number of draws with large jackpots. There were 55 jackpot draws in 2024, up from 42 last year, with the average jackpot increasing 16.5% to $43 million.
Jumbo added 423,500 new users to its online player base in 2024, with average spend per user increasing 7% to $498. The company also reported an increase in digital penetration among omnichannel users from 38.4% to 40.9%.
“2024 was a record year for Jumbo, with over $1 billion in ticket sales and EBITDA growth of 30% to $76.6 million,” said Jumbo founder, CEO and managing director Mike Veverka. “For the first time in our history, we have surpassed one million active retail lottery players and a customer base of 3.5 million.”
Other Growth Areas for Jumbo
Aside from the lottery business, SaaS revenues grew 19.7% to $50.7 million, while TTV for the segment increased 18.6% to $232.4 million.
Managed services revenues grew 38% to $25.8 million, while TTV increased 34.1% to $277.4 million. The segment includes Gatherwell and StarVale in the UK, as well as Stride Management Corp in Canada, which have been added to Jumbo in recent years through M&A.
Jumbo reported total group revenues of $159.3 million, including discounted intersegment revenues.
Net Profit Up 26.6%
On the cost side, the company’s expenses increased across the board, with operating expenses increasing 34.3% to $57.6 million. The main expense item was personnel costs, at $28.3 million.
However, the increase in revenues drove a 25.6% increase in operating profit to $62.8 million. Including financial income, pre-tax profit was $63.7 million, up 36.7% year-on-year.
Jumbo paid $20.4 million in income taxes and benefited from foreign exchange translation of $850,000. As a result, net profit for the year was $44.2 million, up 26.6% year-on-year.
The company’s revenue for the 12 months to 30 June grew across all three of its core businesses. However, it was its retail lottery business that was the main driver of growth, with the number of active online users exceeding one million for the first time.
Jumbo Interactive also set a record for lottery sales, reaching US$1.05 billion, up 23.7% year-on-year. Together with the increase in revenue from the B2B services (SaaS) and managed services businesses, this provided the company with positive financial results.
EBITDA (earnings before interest, taxes, depreciation, and amortization) was $76.6 million, up 30% year-on-year.
Retail lottery revenue reached $123.4 million
In detail, retail lottery revenue increased by 35.2% to $123.4 million. Total transaction value (TTV) — the gross amount received from the sale of goods and services during the period — also increased by 21.1% to $543.8 million.
Jumbo noted that the growth was due to an increase in the number of draws with large jackpots. There were 55 jackpot draws in 2024, up from 42 last year, with the average jackpot increasing 16.5% to $43 million.
Jumbo added 423,500 new users to its online player base in 2024, with average spend per user increasing 7% to $498. The company also reported an increase in digital penetration among omnichannel users from 38.4% to 40.9%.
“2024 was a record year for Jumbo, with over $1 billion in ticket sales and EBITDA growth of 30% to $76.6 million,” said Jumbo founder, CEO and managing director Mike Veverka. “For the first time in our history, we have surpassed one million active retail lottery players and a customer base of 3.5 million.”
Other Growth Areas for Jumbo
Aside from the lottery business, SaaS revenues grew 19.7% to $50.7 million, while TTV for the segment increased 18.6% to $232.4 million.
Managed services revenues grew 38% to $25.8 million, while TTV increased 34.1% to $277.4 million. The segment includes Gatherwell and StarVale in the UK, as well as Stride Management Corp in Canada, which have been added to Jumbo in recent years through M&A.
Jumbo reported total group revenues of $159.3 million, including discounted intersegment revenues.
Net Profit Up 26.6%
On the cost side, the company’s expenses increased across the board, with operating expenses increasing 34.3% to $57.6 million. The main expense item was personnel costs, at $28.3 million.
However, the increase in revenues drove a 25.6% increase in operating profit to $62.8 million. Including financial income, pre-tax profit was $63.7 million, up 36.7% year-on-year.
Jumbo paid $20.4 million in income taxes and benefited from foreign exchange translation of $850,000. As a result, net profit for the year was $44.2 million, up 26.6% year-on-year.
