Zeal H1 revenue climbs 32% to €101.5m as lottery and games segments expand
German online lottery provider sees 76% jump in EBITDA amid 12% rise in active users.
Key points:
– H1 2025 revenue rose 32% year-on-year to €101.5m
– EBITDA increased by 76% to €35.4m, despite higher operating costs
– Monthly active lottery users up 12% to 1.515m
Zeal Network SE reported a 32% year-on-year rise in group revenue to €101.5m ($117.5m) for the first half of 2025, supported by growth in both its lottery and games segments. The Germany-based online lottery provider also recorded a 76% increase in EBITDA, reaching €35.4m.
Revenue growth was driven by a 34% increase in lottery business income, which reached €91m. Zeal’s lottery billings grew 4% to €527.3m, despite lower jackpot levels for products such as LOTTO 6aus49 and Eurojackpot compared to H1 2024.
The company also reported a 3.8-point increase in gross margin, reaching 17.3%, aided by product mix changes and a prior-year price adjustment.
The company added 499,000 new customers during the period, although this marked a decline from 592,000 in H1 2024. Despite higher customer acquisition costs, up 41% to €46.93 per lead, monthly active users grew 12% to 1,515 thousand.
Good to know: Earlier this month, Stefan Tweraser was appointed CEO of Zeal Network SE, replacing Helmut Becker
Zeal’s B2C games portfolio expanded to over 480 titles, helping boost games revenue by 49% to €6.7m. However, rising marketing costs and operating expenses impacted overall margins. Total operating expenses rose by 15% to €49.4m, with indirect costs increasing 20% due to consulting, freelance and software spend.
Still, the company’s EBIT nearly doubled to €31.1m, reinforcing the scalability of its operating model.
Zeal also expanded its strategic footprint during the period, announcing a joint investment with France’s FDJ United into Swedish iLottery operator Random State. The move is part of a broader effort to accelerate innovation in the online lottery sector and access new markets.
The company reaffirmed its full-year guidance, first issued in March 2025, as it seeks to maintain growth momentum through the second half of the year.
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