Australian tech company Jumbo Interactive (ASX: JIN) has secured a big boost in their European operations having been granted a remote gambling operating licence from the Gambling Commission of Great Britain.
The licence, granted to wholly owned subsidiary Gatherwell, is an extension of Jumbo’s online lottery ticket retail business and will enable the Company to supply their proprietary lottery and gambling software to other operators that have been licenced by the Gambling Commission.
“We are delighted to achieve this international expansion milestone which, together with our local subsidiary Gatherwell, will drive our growth strategy in the UK charities market,” Jumbo Interactive CEO, Mike Veverka.
“This is an important step in Jumbo expanding its footprint in the UK following the great work carried out by the Gatherwell team to date.”
By securing the licence, Jumbo is expected to see an increase in revenue from Software-as-a-Service (SaaS) licensing of their tech while also increasing their offering for managed charities which often run lotteries as a means for raising money.
In England and Wales, there are more than 168,000 registered charities with Jumbo licenced to power many of them, delivering commercial opportunities either from a clip on each ticket sold or a flat rate to run the lottery.
In Australia, Jumbo is better known by their online lottery ticket store Oz Lotteries. Earlier in the year, Jumbo Interactive secured a 10-year extension with lottery operator Tabcorp (ASX: TAH) enabling sale of online tickets to the end of 2030.
- FBR to strengthen robot-built houses with German bricks trial - January 15, 2021
- Six small cap ASX tech stocks to watch in 2021 - January 14, 2021
- Sparc testing confirms graphene as vital additive to prevent corrosion - January 14, 2021