ZEAL Posts Strong Growth and Raises Full-year Forecast for 2025

Revenue and Profitability Continue to Improve

From January to September 2025, ZEAL generated revenue of €162.6 million, representing a 34 percent increase compared to the same period in 2024. EBITDA grew even faster, rising by 55 percent to €54.1 million as operational efficiencies and economies of scale translated into stronger profitability.

CFO Andrea Behrendt commented that the business once again demonstrated its ability to convert commercial strengths into solid financial results, highlighting the increased EBITDA margin as proof of ZEAL’s disciplined execution.

Lottery Operations Drive Growth

The company’s lottery brokerage business remained the primary source of revenue. Total billings reached €834.3 million, a 12 percent rise year-on-year, supported by ongoing customer expansion.

The average number of monthly active users increased by 17 percent to more than 1.5 million, while last year’s price adjustments and product optimisation measures improved the gross margin from 14.5 to 17.5 percent. The combination of higher participation and better margins contributed to a 36 percent rise in lottery revenue to €146.0 million.

Dream House Raffle Gains Popularity

ZEAL continues to scale the Traumhausverlosung charity lottery successfully. Since its launch in August 2024, four properties have been raffled, with the most recent draw for a house on the North Sea coast achieving the highest level of customer participation so far. A fifth campaign is now under way, featuring a home in the Bavarian Forest, signalling continued enthusiasm for the concept among players.

• See also: ZEAL’s Strong First Half of 2025

Games Portfolio Expansion Boosts Performance

The company’s games segment is also on an upward trajectory. By broadening its range to nearly 600 titles and partnering with well-known game developers including Greentube and GGames, ZEAL has strengthened its proposition for entertainment-focused players. This translated into a 51 percent increase in revenue from games, reaching €10.3 million in the period.

New customer acquisition continued strongly, with 879,000 registrations recorded in the first nine months of the year. Marketing investments were intensified to support this expansion, leading to higher associated cost levels. Nevertheless, ZEAL stresses that attracting more players remains a key driver of long-term value creation, especially as cross-selling between lottery and games becomes increasingly effective.

Full-year Expectations Raised

Following the solid performance so far in 2025, ZEAL now anticipates stronger results for the year-end than previously expected. The company is forecasting revenue between €205 million and €215 million and expects EBITDA to close in a range of €63 million to €68 million.

Management emphasises that jackpot trends will continue to influence momentum but expresses confidence that ZEAL’s diversified business model places the company in a strong position to deliver sustainable growth.