ZEAL revenue growth has been a central theme for the first half of 2025, with the company continuing to expand its customer base and improve profitability. Despite softer jackpots compared to last year, the Hamburg-based lottery operator boosted sales and earnings across its lottery and games segments. Management says the business model remains scalable and resilient as the company confirms its full-year forecast.

  • Group revenue climbed 32% year-on-year to €101.5 million, driven by growth in both lottery and games segments. EBITDA surged 76% to €35.4 million, supported by a higher gross margin and improved operational efficiency. EBIT almost doubled, reaching €31.1 million compared to €16.1 million in 2024.

  • The lottery business remained the key driver, with billings up 4% to €527.3 million despite lower average jackpot levels. A price increase and changes to the product mix lifted the gross margin from 13.4% to 17.3%. As a result, lottery revenue rose 34% to €91.0 million.

  • Marketing initiatives helped grow the monthly active lottery customers by 12% to 1.515 million. New customer acquisition totaled 499,000 in the period, down from 592,000 a year earlier due to less attractive jackpots.

  • The games segment expanded rapidly, with revenue rising 49% to €6.7 million. ZEAL’s portfolio now includes more than 480 titles, with growth coming from its B2C operations.

  • Higher marketing spend and operating costs accompanied the growth. Total other operating expenses rose 15% to €49.4 million, including €29.1 million in strategic marketing spend, up 14% year-on-year.

  • Acquisition costs per new customer increased 41% to €46.93, reflecting the competitive environment and lower jackpot incentives. Despite this, management says marketing investment remains essential to long-term growth.

  • Direct operating costs increased by 14% to €9.8 million, while indirect costs rose 20% to €10.4 million. This was mainly due to higher consulting, software, and freelance personnel expenses.

  • CEO Helmut Becker said: “ZEAL’s continued growth path proves that our business model is highly robust and scalable over the long term. We are in an excellent position to further expand our market leadership in a growing industry.”

  • CFO Andrea Behrendt noted that results came despite weaker jackpot conditions, crediting the team’s operational efficiency. The company reaffirmed its 2025 forecast published in March.

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