somewhat confusing announcement
If I've read it correctly:
- Lotterywest will use white labelled 'powered by jumbo' software platform for an initial 3 yrs (but up to 10 yrs) with JIN receiving a service fee for every customer using the platform
- JIN's existing customers will need to move to the white labelled app and that customer then belongs to Lotterywest
Lotterywest sales for FY2020 was 959m of which 14.5% was online (~139m) of which 45% play online & 55% use the lotterywest mobile app.
Does this deal mean that JIN give up their 33m in TTV and gain service revenues from the entire 139m? Presumably the software sales revenue is much lower so will that make up the loss for the margins they earn on the 33m in sales to their own customers?
Ann: Term sheet signed with Lotterywest, page-21
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