ZEAL Network SE, which until recently was still known as Tipp24 SE, published its business figures for the first quarter at the beginning of the month. According to the figures, the Hamburg-based e-commerce group was able to increase its turnover by around a third within a year. But what are the reasons for the extremely positive development of the company's turnover?

In the first three months of this year, ZEAL Network generated sales totalling 36.1 million euros. In comparison: a year earlier, turnover in the same period totalled 26.7 million euros. As a result, the lottery broker was able to increase its quarterly turnover by an impressive 35% within one year. The company's best-known brands include Lotto24 and Tipp24.

ZEAL Network gets off to a very strong start in 2024

According to ZEAL Network's business figures, the lottery broker was able to increase its turnover by a third from the first quarter of 2023 to the first quarter of 2024. The decisive factor for this positive development was the sharp increase in stakes placed by players. These totalled an impressive 246.3 million euros (+22%) in the first quarter of 2024.

The German-based company also managed to increase earnings before interest, taxes, depreciation and amortisation to 9.4 million euros (+ 1%). In the first three months of this year alone, the lottery broker succeeded in acquiring more than 320,000 new customers. By comparison, ZEAL Network had ‘only’ 143,000 new customers in the same period in 2023. It was only in April of this year that we reported that Lottoland had also received a lottery licence from the GGL.

ZEAL Network: core business remains lottery brokerage

A look at the official whitelist of the Joint Gaming Authority of the German federal states (GGL) reveals that Lotto24 AG, as part of ZEAL Network SE, holds several licences. Among other things, the Hamburg-based company is a commercial gaming broker in accordance with Section 19 (2) GlüStV 2021 and also holds a licence for virtual slot machines. ZEAL Network announced that it intends to further expand its portfolio of online slots in the future.

Nevertheless, the core business will remain lottery brokerage, according to the management. In February, we reported on GambleJoe that Lotto Hessen is the best online lottery provider in Germany.

ZEAL Network's share price has risen by just 3.6% within a year to €34.60 (as at 24 May 2024). Since the company's IPO, the share price has even lost around 35% of its value. Zeal Network was founded back in 1999 and the company currently employs over 150 people.

Image source: https://pixabay.com/de/photos/spiele-chance-lotto-lotto-gewinnen-1363219/

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