Jumbo’s Strategic Decision: StarVale Acquisition Completion Date Delayed to 2023

Jumbo has recently acquired StarVale for an initial payment of Aus$32.1m, with potential additional payments contingent on StarVale meeting certain earnings targets. This acquisition aligns with Jumbo’s global growth strategy, which includes previous acquisitions of Gatherwell in the UK and Stride Management in Canada. Once the deal is finalized, StarVale will become part of Jumbo’s Managed Services business segment alongside Gatherwell and Stride. The expected completion date has been postponed to early next year due to delays in receiving regulatory clearance from the Great Britain Gambling Commission. However, Jumbo remains confident in obtaining the necessary approvals and expanding its presence in the UK not-for-profit sector. StarVale is a UK-based company that serves over 850,000 active lottery players across 45 charities and not-for-profit organizations, including several prominent UK charities. Additionally, StarVale owns DDPay Ltd, a digital payments business that enables Direct Debit payments for their weekly lottery clients.