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Investing.com – Australian digital reseller Jumbo Interactive Ltd (ASX:) jumped 192% this year as more lottery buyers purchase their tickets online, Bloomberg reported on Friday.
The company’s Chief Executive Officer Mike Veverka said in a phone interview with Bloomberg that Jumbo aims to triple its ticket sales by 2022.
Younger people “are 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 noticed around 2005 that selling lottery tickets 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.
Morgan Stanley maintained its overweight rating on the stock this week. The company’s shares currently trade at A$20.71, down 1.5% today.
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