A two-week trading suspension has sparked speculation that online lottery ticket retailer Jumbo Interactive's move to muscle into Western Australia has prompted wagering giant Tabcorp to renegotiate Jumbo's existing deal to sell Lotto tickets nationwide.
On Wednesday, Jumbo suspended its shares until June 29 - a pause of almost two weeks - or until it makes an announcement about its "reseller operations including in Western Australia".The change in language, from the announcement being about "operations in Western Australia" to "operationsin Western Australia", sparked market speculation that Jumbo's reseller agreement with Tabcorp was also being renegotiated.
One market source, who spoke on the condition of anonymity because he does not have clearance from his employer to speak to the media, said Jumbo appeared to have "poked the bear in the eye" by courting the WA lotteries and triggered high-level discussions with Tabcorp. “What Tabcorp doesn’t want is that Jumbo could use WA as a push for their current customers away from Tabcorp products," he said.
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