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Lottery Corporation Ltd ASX:TLC

Capital Management Margin Expansion Operating Leverage

4 opened or increased6 held0 reduced or exitedlatest position by manager, past 12 months90 days: 2 increased, 0 reduced. 12 managers in total.

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Opened or increasedHeldReduced or exited Start or end of the position not reported

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202420252026

29 Jun 2024 to today

Commentary Showing 2 of 24

DateManagerActionSummary

30 Sep 2026Investors Mutual LimitedIncreasedInvestors Mutual Limited increased their position in Lottery Corporation Ltd during the September 2026 quarter, taking advantage of what it viewed as attractive prices after the shares fell 14.0%. The manager describes the decline as disappointing, attributing it to a highly unusual absence of large lottery jackpots, which reduced the company's yearly profit. Despite the setback, Investors Mutual is confident that the longer-term prospects of the lottery operator and its strong monopoly licence position remain unchanged, and it used the share price weakness to top up its holding.

Quarterly Report, price recorded $4.87

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25 Sep 2026Blackwattle Investment PartnersHeldBlackwattle Investment Partners rates Lottery Corporation a buy, seeing lotteries as a very defensive, safe business, and is particularly optimistic about a potential game change to Oz Lotto. Blackwattle points to the precedent of the FY2018 Powerball change, which lengthened division one odds from about 1 in 77 million to 1 in 135 million, producing larger jackpots of $50 million to $100 million and lifting FY2019 sales by around 20%. With Oz Lotto odds currently around 1 in 63 million, the manager sees scope to move them to 1 in 90 or 100 million, driving bigger jackpot pools and better sequencing. Blackwattle views this as upside beyond the normalisation of recent bad jackpot luck.

Article, price recorded $4.81

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Articles

About Lottery Corporation Ltd

Consumer Discretionary, Hotels, Restaurants and Leisure

The Lottery Corporation (ASX:TLC) is favoured by fund managers as a defensive business with infrastructure-like qualities. In September 2026, L1 Capital said the stock's 12-month low masks the resilience of a licence-protected earnings base, and expects new chief executive Wayne Pickup to cut costs and add products. Perpetual and Blackwattle both rated it a buy, with Blackwattle optimistic about upcoming Oz Lotto game changes, and L1 expects jackpots to revert to normal patterns. The Lottery Corporation operates in the Consumer Discretionary sector within the Hotels, Restaurants and Leisure industry, and Thesis Tracker has captured 18 comments from 12 fund managers, including L1 Capital, Perpetual and Blackwattle. Headquartered in Brisbane, The Lottery Corporation operates lotteries and Keno across Australia, including Powerball, Oz Lotto and Saturday Lotto, under long-dated government licences.

Market cap: $11.7b
Price to earnings: 40.9x
Return on equity: 97.2%
Dividend yield: 3.2%
Price to book: 44.12x
Net margin: 8.0%
52-week range: $4.70 to $5.80

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in Lottery Corporation Ltd (ASX:TLC)?

Fund managers including Cooper Investors, Blackwattle Investment Partners, Equity Trustees Asset Management, Alliance Bernstein, Investors Mutual Limited, Pendal Group, Perpetual Asset Management, Plato Investment Management, Airlie Funds Management, Ten Cap, Antares Capital and L1 Capital have invested in Lottery Corporation Ltd (ASX:TLC).

What opportunities or catalysts do fund managers highlight for Lottery Corporation Ltd?

L1 Capital highlights a recent 40-year extension of the Victorian lottery licence, meaning no major renewal until well past 2050, and expects cost reduction and product initiatives under the new CEO. Blackwattle sees upside from Oz Lotto game changes similar to the successful Powerball redesign, and managers expect jackpot frequency to normalise after an unusually weak run.

What are the key risks to the Lottery Corporation Ltd investment thesis, according to fund managers?

Fund managers note earnings have been pressured by an unusually long run without large jackpots, which reduces ticket sales, and Perpetual acknowledges year-to-year volatility tied to the jackpot cycle.

What does Lottery Corporation Ltd (ASX:TLC) do?

The Lottery Corp. Ltd. provides gaming and entertainment services, operating through its core Lotteries and Keno business segments. Headquartered in Brisbane, Australia, the company has operated since its founding in 1881. As a specialized operator, it maintains and manages high-volume lottery and keno gaming operations.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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