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Jumbo ready for competition in NSW: CEO

Jumbo ready for competition in NSW: CEO

Online lottery company Jumbo Interactive (ASX:JIN) has moved to reassure investors the company is prepared for the prospect of competition in the NSW market.

In a statement, CEO Mike Veverka said competition in the state could ramp up in the next financial year with the prospect of the Tatts Group launching a site catering to the market.

But Veverka said the company's ozlotteries.com site and Tatts have been competing in Victoria for over five years.

“We have experience in a competitive market...so we will be prepared should another online lotteries site be introduced in NSW,” he said.

Jumbo also announced the immediate resignation of non-executive director Bonita Boezman.

The company is forecasting net profit after tax of between $4 million and $4.4 million in FY11, from revenue in the range of $75 million to $80 million.

Jumbo swung to a loss of $7.3 million in FY10, on write-downs and costs from winding up loss-making software business Manaccom, which had been one of Australia's oldest software distributors.

JIN shares fell 3.8% in Wednesday's trading to $0.380.

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Tags nswJumbo Interactiveonline gamblingMike VeverkacompetitionASX:JMB

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