Jumbo Interactive jumps 192% this year as online lottery tickets reach peak popularity

Jumbo Interactive jumps 192% this year as online lottery tickets reach peak popularity

Australian digital reseller Jumbo Interactive Ltd jumped up 192% this year as online purchases of online lottery tickets increased, Bloomberg said in a report on Friday.

The company’s CEO Mike Veverka said in a phone interview that Jumbo aims to triple its sales by 2022.

Younger people “were not really interested to buy a lottery ticket at a normal newsagent,” Veverka said. “Even some of the older demographics that are used to going into a store to buy their lottery ticket prefer to buy it online.”

Veverke furthered that he noticed that selling lottery tickets online over the internet could be profitable as “there wasn’t really anybody doing it.”

“It was something that didn’t have to be delivered physically, it was repetitive and something that the Internet really added a lot of value on,” he added.

The company’s shares currently trade at A$20.71, down 1.5% today.