The Lottery Corporation reports a 22% drop in FY26 profit

The Australian lottery operator posted lower profit and revenue as a lack of major jackpots affected participation.

Australia.- The Lottery Corporation reported a 22 per cent decline in net profit to AU$284.6m (US$202.5m) for the financial year ended June 30, 2026, as a lack of major jackpots reduced participation. Revenue fell 2.7 per cent to AU$3.6bn (US$2.5bn), while lottery turnover declined 3 per cent to AU$6.5bn (US$4.6bn). Underlying EBITDA was AU$736m (US$523m), slightly below market expectations.

CEO Wayne Pickup described FY26 as a “rarely soft year for big jackpots”, noting that the absence of major prizes reduced revenue by around AU$350m (US$250m). It was the first year in five that the Powerball jackpot did not reach AU$100m (US$71m) and the first in nine years without an Oz Lotto draw reaching AU$50m (US$35.5m).

Despite the weaker results, the company said it performed well in areas under its control, including pricing, base games and Keno. A price increase for Powerball and other products helped offset part of the decline.

The Lottery Corporation said FY26 marked the start of a new operating model and strategy, aimed at digital transformation. The company plans to increase digital engagement and convert more casual lottery players into registered customers.

Board succession announced

The Lottery Corporation also announced that non-executive director Harry Boon will retire from the board following the company’s Annual General Meeting in October. Boon has been a director since the company’s ASX listing in 2022 and previously held leadership roles at Tatts Group. Independent director Tim Poole will succeed him as Chair of the People and Remuneration Committee.