The Lottery Corp, which runs the Powerball and Oz Lotto draws and Keno games, booked a bottom-line first-half net profit of $173.3 million, down 1.4 per cent.
Revenue for the period grew by two per cent on the equivalent half to $1.8 billion, as earnings before interest and tax dipped one per cent to $313 million.
But the performance showed resilience, despite a $400 million unfavourable impact on turnover during "the least favourable half year for jackpot outcomes" since its demerger from gaming group Tabcorp in 2022.
Around half of the group's turnover came from jackpot games, chief financial officer Adam Newman said.
"There is going to always be a period of volatility, depending upon where those balls come out of the barrel," he told analysts during an earnings briefing.
"I don't think we can get away from that."
Despite the lack of jackpots, it was a strong underlying performance, according to The Lott's CEO Wayne Pickup.
Its lotteries division posted a 2.8 per fall in underlying earnings to $269.3 million, as the value of its Powerball and OzLotto jackpots declined by 14.2 per cent.
"Growth in the base game portfolio largely offset reduced jackpot games volumes," Mr Pickup told shareholders.
But The Lott also noted its new $6 million division 1 offer and subscription price increase for Saturday Lotto draws, implemented in May, "won immediate acceptance" with strong price retention.
A similar price increase was made for Powerball in November, and further hikes remained on the table.
"It's something that the business has done extremely well over time, and it will certainly continue to be one of our levers, but not the only lever that we looked at," Mr Pickup said.
"And as you probably know with these lottery products, that price increase correlates through to bigger jackpots, bigger prizes, so that there's an immediate upside for customers, for our retail partners, as well through commissions."
Set for Life will be The Lott's next game refresh, with additional upfront prizes for divisions 1 and 2, coupled with a pricier subscription.
The Lott's popular Keno arm continued to grow, with a 11.8 per cent rise in underlying earnings to $43.7 million.
Lottery Corp will pay an interim dividend of eight cents for the half year ended December 31, in line with the previous corresponding period.
Looking ahead, the company remains focused on its strategy, which includes evolving as a digital entertainment company, concentrating on Australia's heavily regulated market and making technology investments.
"Ultimately, we want customers to choose us for entertainment, not just for big jackpots," Mr Pickup said.
"Technology enables personalised experiences at scale, that's what keeps customers coming back and engaged."
The stock market responded positively to the results, sending The Lott's share price five per cent higher to $5.42 in morning trading.
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