That is not an equivalent comparison, though it can never be...

That is not an equivalent comparison, though it can never be ruled out. For one, the means of production and distribution in question here are entirely digital, and Tabcorp already has an established channel which it can funnel additional lottery sales to at zero additional marginal cost to them (something that is already happening if you look at the growth rates of The Lott v/s Oz Lotteries).

You seriously can't be putting the probability of Apple or Samsung cannibalising their retail sales channels on a similar footing to Tabcorp's positioning vis-a-vis Jumbo. The probability of the latter compromising Jumbo's current competitive positioning is some order of magnitude higher than the former, so yeah, it is a meaningful risk that if not priced in by the market should nonetheless be considered by any discerning investor.

Like I pointed out earlier, Jumbo could continue to exist as a reseller and still have its margin profile impaired seriously enough to have a detrimental effect on its valuation - a good analogy I can think of is how Telstra's rethinking of its strategic partnership Vita Group caused a material and persistent de-rating of that business, one it has still not recovered form some years later.

Suggesting otherwise is simply not prudent, but go for it if it is your cup of tea.