Keystone Law has advised leading Australian lottery provider Jumbo Interactive Limited on its recent acquisition of UK-based lottery operator Gatherwell Ltd.
Jumbo was founded in 1995 and listed on the Australian Securities Exchange in 1999. It has become a leading retailer of lottery tickets via digital platforms for both official Government and charity lotteries.
Through Jumbo’s online platforms, consumers can purchase lottery tickets for OzLotto, Powerball, Surf Life Saving Lotteries and Mater Prize Home, as well as many others.
Established in 2013, Gatherwell provides a fully customised lottery solution for charities, local authorities, schools and community groups of all sizes.
Gatherwell currently sells 130,000 lottery tickets per week and is predicted to generate A$6.2 million in ticket sales by 30 June 2020. The acquisition of Gatherwell aligns with Jumbo’s strategic expansion into software as a service and achieving its goal of A$1 billion in ticket sales by the end of FY22.
The Gatherwell acquisition supplements Jumbo’s significant organic growth in the last financial year, which has led to a significant increase in its share price, achieving a market capitalisation of A$1.25 billion, and inclusion in the ASX300.
The multi-disciplinary Keystone Law team was led by corporate and capital markets specialist Simon Holden and included gambling expert Richard Williams and tax specialist Sharron Carle.
Simon Holden commented:
“We wish Jumbo every success with its foray into the UK market and look forward to continuing to work with the team as they look to build and execute upon their ambitious targets here.”