Jumbo Interactive to Enter UK Prize Draw Market After DCG Acquisition

Lottery supplier Jumbo Interactive is to enter the UK prize draw market after completing its acquisition of operator Dream Car Giveaways (DCG) in a deal worth up to A$109.9 million (£53.9 million).

Who both sides are

Jumbo delivers consumer lotteries, fundraising technology and lottery management. While Jumbo operates in the UK via its StarVale and Gatherwell products, it has not previously operated in the UK prize draw market.

StarVale creates, administers and manages fundraising lotteries and raffles, while Gatherwell helps non-profits and charities raise more funds for their cause.

In Australia, Jumbo’s Oz Lotteries acts as a digital reseller of official government lotteries in partnership with The Lottery Corporation. It also operates fundraising lotteries for non-profits and charities in Australia via its Jumbo Lottery Platform.

DCG gives players the chance to enter competitions to win prizes including cash, cars, property and lifestyle products. DCG was founded in 2018 by Marcus Hickling, Michael Andrews and David Andrews. According to Jumbo, the acquisition of DCG aligns with its strategy to accelerate growth, enhance revenue and diversify earnings.

Jumbo has paid upfront cash of A$75.2 million, as well as an equity component of A$10.2 million. The remaining A$24.5 million will be payable after December 31, 2026, subject to certain revenue growth and earnings hurdles being cleared.

How it’s being funded

Jumbo is financing the transaction via a combination of A$17.9 million in existing cash, the issuance of A$10.2 million in new Jumbo shares and the draw down of A$81.6 million in debt under an upsized and amended debt facility with its current lender.

Based on an adjusted EBITDA of £8.3 million for the 12 months ended April 30, 2025, the value of the deal represents an acquisition multiple of approximately 6.5x adjusted EBITDA. Jumbo said it expects the deal to deliver double-digit earnings per share accretion in the first 12 months following completion of the acquisition.

For the 12 months ended April 30, 2025, DCG generated revenue of A$36.5 million (£17.9 million). For the full year ending June 30, 2025, Jumbo posted revenue of A$145.3 million.

Jumbo’s FY 2026 outlook remains unchanged, with the exception of a couple of items. These include an underlying EBITDA contribution from DCG which will be in the region of £7 million to £7.3 million. On an annualised basis, this is equivalent to 20% to 25% growth in underlying EBITDA.

Following the announcement of the deal’s completion, analysts J.P. Morgan upgraded Jumbo from Neutral to Overweight, raising its price target to A$14.00 from A$11.00. Shares in Jumbo were A$12.17 at the time of writing.

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What they said

Mike Veverka, Jumbo Managing Director, CEO and Founder, said: “DCG has become a trusted leader in the UK’s B2C prize draw sector, which is meeting the rising demand from younger, internet-savvy consumers seeking unique products in an engaging digital format. Jumbo’s two decades of B2C success in Australia and its world-class software, marketing, and customer management expertise, provides DCG with the foundation to continue its already impressive growth.”

DCG Director Michael Hickling said: “With ongoing changes in technology and increased competition in the prize draw space, I’m pleased that DCG will be part of Jumbo – a recognised global leader in digital lotteries and managed services, and a strong, culturally aligned partner. I look forward to working closely with the Jumbo team in the next phase of growth for our business.”