Gibraltar-based lottery betting operator Lottoland has expanded its presence in Australia with the acquisition of a minor stake in Sydney-listed operator Jumbo Interactive.

In a filing with the Australian Securities Exchange (ASX) Monday, Jumbo confirmed that Lottoland had purchased 3,117,224 shares in the company, equivalent to a 7.07 per cent stake in the business.

At Friday's closing price of AUD$2.44 per share, this values the deal at around $7.6m. Jumbo's shares subsequently hit a new 52-week high of $2.47 in Sydney yesterday following the confirmation.

“This is another example of Lottoland long term commitment to the Australian market, building on the success of our first year we are looking at many opportunities to accelerate our growth," said Lottoland CEO Nigel Birrell.

Jumbo has been in operation since 1999 and is authorised as an official online lottery reseller for OzLotteries.com, which operates under the supervision of NSW Lotteries, Tatts Group, and SA Lotteries.

It expands Lottoland’s presence in Australia, where it was the first to be awarded a licence by the Northern Territory’s Racing Commission to offer odds on the outcome of  lotteries in the country in January 2016.

Its launch coincided with the snowballing $1.6bn Powerball jackpot in the US, which helped Lottoland sign up 250,000 customers in just 48 hours in Australia.

Shares in Jumbo Interactive Limited (Co. Data) (ASX:JIL) hit a new 52-week high of AUD$2.47 per share in Sydney Monday, but closed down 2.46 per cent at $2.38 per share Tuesday.

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