So as part of my cross review of the competition I have been looking over the TLC report that was released today. I did see a few things that struck my attention, mainly being:

Customer Experience Focus

The new CEO's strategic vision includes increasing the customer experience which appears first on their priority list for 2026. I will be watching this area to see how the updates are progressing to see if it draws customers away from the OzLotteries page.

Last is about preserving existing licences, with the market process for the Vic Lotteries contract expiring June 2028. If its anything like last time, the tender process will be going to the market shortly.

Abnormally low Jackpots

So you will probably see this when JIN reports, TLC highlighted that there were only 10 jackpots over $30m, with only one above the $70m mark. H2 is off to a better start 2 over 30m and 1 over 70m already this quarter. Mean reversion is typical here so its likely that this will revert closer to the mean for the remainder of the quarter.

Customer Retention Challenges

Similar to JIN, TLC's active customers has been progressively falling over the past few quarters, and the imagery here doesn't truly show the size of the 8% reduction in active customers since the prior year.

Price Increase

The proposed fee change to Set for Life in 2026 - 7% of their overall product split. Might not be a huge proportionate seller, but a 16% increase is pretty good. This is on top of the fee increase to 2 of the other games in the last 12 months.

Will be eagerly awaiting the financials for JIN in the next few days.

Disc: JIN held IRL and SM.