announcement out
JUMBO SECURES INSURANCE POLICY FOR MILLION DOLLAR LOTTERY
Directors are pleased to announce that the Jumbo lottery division has secured an insurance policy from a major international insurer for a $1 million lottery.
The effect of this is that a new game can be released offering a $1 million prize which will be underwritten by the insurer.
�gSecuring an insurance policy is a major step towards elevating our own lottery games to international standards without the risk of paying out $1 million�h, said Mr Mike Veverka, CEO of Jumbo Corp.
�gWe are now planning to release a new online game with a $1 million first prize marketed to International players�h, he said.
�gIf initial trials are successful, there is scope to offer prizes in excess of $1 million in the future�h, he said.
Audit Procedure The computer system developed by the Jumbo lottery division is one of only a few online systems in the world that have been approved for the purposes of conducting online lottery games with prizes up to $1 million. The process of obtaining insurance cover involved extensive auditing of the software, hardware and systems to ensure integrity, fairness and reliability.
�gBuilding a solid and reliable computer system to pass audit requirements was a significant task and now paves the way for new games with higher prizes�h, said Mr Veverka.
Growth Strategy On 28 September 2006, Jumbo announced plans for its lottery division to branch out into proprietary online lottery games. A key component of this strategy is the insurance cover which has now been secured. Following a review of the launch of the new game, an application can be made to the insurers to increase the prize value beyond $1 million. �gHigher prize values simply attract more players and help us grow into our target markets�h, said Mr Veverka.
On 9 November 2006, Jumbo announced the official launch its own range of online scratchies at www.scratchprizes.com with prizes up to $100,000.
The proprietary games are directed towards international customers while Australian customers are encouraged to play Australian lottery games at www.ozlotteries.com. International customers that have been acquired by the proprietary games are also promoted Australian lottery games.
About Jumbo Jumbo Corporation is an IT company with a long history in online e-commerce. The company has recently formed an online lottery division that retails popular lotteries such as Saturday Lotto, Powerball and OzLotto via its flagship website at www.ozlotteries.com. The Ozlotteries.com web site was recently relaunched following extensive redevelopment (Announcement 20 October 2006).
The lottery division also supports a private computer network of lottery outlets in various Pacific Islands including Fiji, Cook Islands and Norfolk Island.
The Company has recently released its FY06 Financial Report with its 4th consecutive full year profit.
JUM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
