Zeal Network SE, a leading online lottery provider, has released its financial results for the first quarter of 2024, showcasing impressive growth across key metrics. The company reported a 22% increase in lottery billings, reaching €246.3m ($264.5m) for the quarter.

In addition to the surge in lottery billings, Zeal Network also saw a significant increase in group revenue, which rose by 35% to €36.1m compared to €26.7m in the first quarter of 2023. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also grew by 1% to €9.4m. The company attributes the difference in growth rates between revenue and EBITDA to a substantial increase in investment over the first quarter compared to the previous year.

The primary driver behind Zeal’s strong first-quarter results is its thriving lottery business, which experienced a 28% rise in revenue to €32m. The company also reported a 21% monthly increase in active lottery customers, contributing to the overall growth in billing figures.

Commenting on the results, Zeal CFO Sebastian Bielski stated, “We made a very strong start to 2024 and were able to significantly accelerate our revenue growth, particularly in our core business of lottery brokerage. We are also particularly proud of the fact that we were able to achieve EBITDA slightly above the previous year’s level in the past quarter despite almost doubling our marketing expenses and a negative one-off effect from a major win in our charity lottery Deutsche Traumhauslotterie amounting to €0.8m.”

Zeal Network’s games business, launched in 2023, also demonstrated growth, with revenue increasing by 20% to €2.2m compared to the final quarter of 2023. While still a relatively new venture, the games business shows potential for continued expansion and diversification of Zeal’s offerings.

The impressive Q1 2024 figures build upon Zeal Network’s strong performance in the 2023 fiscal year, which saw a 10% increase in revenue as reported in March. The company’s consistent growth and ability to adapt to market demands position it well for continued success in the online lottery and gaming industry.

As Zeal Network continues to invest in marketing efforts and expand its customer base, the company is poised to maintain its upward trajectory throughout 2024 and beyond. With a focus on innovation, customer satisfaction, and strategic growth, Zeal Network remains a key player in the evolving online lottery landscape.

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