Firm: Addisons (Jumbo Interactive)
Deal: US-based Sorteo Games invests in Australian interactive lottery site
Value: $2 million
Key players: Addisons partner Jamie Nettleton (pictured) and his team facilitated the project for Jumbo, acting as project managers for the $2 million investment in Sorteo by Jumbo, coordinating all legal work on the project, which involved lawyers in the US and Mexico, and ensuring that the commercial arrangements in Mexico met Jumbo’s requirements
Deal significance: Through signing long-term agreements with US-based Sorteo Games, Jumbo Interactive becomes an official internet and mobile retailer of products from Mexico’s two largest lotteries with combined annual sales of more than $US1.2 billion.
“This is the first time that an Australian company has ventured into the Central American lotteries’ market, making this a high-profile international project for the Australian gaming sector,” said Nettleton.
Nettleton pointed to the comment by Sorteo’s CEO that Jumbo’s track record of successful online lotteries in Australia made them the “the partner of choice to introduce online lottery games in Mexico” as evidence of the global recognition of Jumbo’s expertise.
“This is a wonderful example of an Australian business succeeding on the international stage and everyone at Addisons is thrilled to be associated with it” he said.
Addisons’ involvement required it to become aware of the regulatory regime in Mexico relating to lotteries, liaise with local Mexican counsel and facilitate the due diligence in Mexico and the US relating to Jumbo’s investment.