German online lottery and games provider ZEAL Network hoas reported a 42 percent increase in its revenue for the first quarter of 2025. The company’s revenue reached €51.1 million ($58 million) for Q1 2025.
Driven by company’s lottery business
The growth was largely driven by the , which generated €45.2 million, a 41 percent rise from the corresponding period. This growth came on the back of better customer engagement, strategic pricing, and smarter portfolio management. Active customers count grew to 1.51 million, up 13 percent year-on-year. This was attributed mainly to the successful marketing campaigns and product improvements. The company registered a record 247,000 new customer registrations in this period.
However, the cost per lead for the period shot up 47 percent to €48.5, as the company experimented with new acquisition channels, including influencer campaigns and gamified ad formats. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) soared by 89 percent to €17.7 million. Meanwhile, EBIT followed suit, rising to €15.6 million from €7.5 million a year ago.
Other divisions of the company also supported the growth, with gross margin in the lottery segment improving to 17.1 percent, up from 13.0 percent a year ago. The growthwas sustained despite operating expenses rising 21 percent to €25.4 million, driven by increased staffing and higher software costs. In line with the strong start to the year, ZEAL has reaffirmed its full-year revenue goal of €195–205 million, riding on improved margins and a strong pipeline.
ZEAL, a member of DOCV
Recently, ZEAL announced that it became a member of the German Online Casino Association (DOCV), indicating its growing presence in the wider online gambling industry. The decision came as the company seeks to broaden its scope beyond its conventional lottery focus, following a year marked by robust financial performance and the introduction of new products. ZEAL’s affiliation with the DOCV further emphasises its commitment to Germany’s regulated gambling framework and initiatives aimed at combating illegal online gaming. Helmut Becker, chief executive officer (CEO) of ZEAL, who will not be renewing his contract in January 2026 when it expires, aims to “provide a fair and transparent gaming experience”, adding that joining the DOCV reflects its commitment to performer protection and responsible gambling.
When ZEAL obtained a licence from the Joint Gaming Authority of the Federal States (JGAF) in mid-2023, it entered the online gaming industry. The company has launched several virtual slots and instant-win games through its subsidiaries, LOTTO24 and Tipp24, and plans to increase the number of games it offers to 200. Collaborations have been essential to this expansion.
