Zeal Network SE has reported double-digit growth for the 2025 financial year, with higher revenue and earnings supported by its core lottery business and continued expansion in raffle and games products.
The German online lottery operator said group revenue rose 16% year-on-year to €218.5m ($236.8m), while adjusted EBITDA increased 11% to €68.8m. EBIT was up 12% to €60.1m.
Zeal said its lottery brokerage business remained the main source of growth, despite what it described as a weaker jackpot environment than in 2024.
Average monthly active lottery customers rose 8% to a record 1.56 million, while lottery billings increased 2% to €1.1bn. Gross margin from lotteries rose from 15.6% to 17.7%, helping lottery revenue increase 16% to €195.3m.
Zeal Network SE CEO, Dr Stefan Tweraser, said: “The strong results in the 2025 financial year show that our strategy is working: we are successfully developing our core business while simultaneously building new growth pillars with scalable products.”
The operator also pointed to progress in Traumhausverlosung, its charity raffle product launched in 2024. With four draws held during 2025, the product generated billings of €38.9m, which Zeal said confirmed its strategy of adding proprietary lottery products alongside brokerage.
Games revenue rose 46% to €14.4m after Zeal expanded its portfolio by 400 titles to more than 650. It said growth in active users contributed to the increase. The operator also stated that player protection remains a priority and that it uses AI-based tools within its responsible gaming strategy.
Marketing spend rose 20% to €68.6m as Zeal acquired 1.17 million new registered customers. Customer acquisition cost increased to €46.47 from €35.16 a year earlier.
Zeal Network SE CFO, Andrea Behrendt, said: “We are consistently investing in the further development of our offerings, reducing our dependence on external factors such as jackpot cycles.”
For 2026, Zeal expects revenue of €250m to €260m and EBITDA of €70m to €75m, based on average jackpot development.
The results follow Zeal’s continued push into games distribution. In November 2025, Bet-at-home integrated Zeal’s slot portfolio into its German platform, extending the supplier’s reach in the regulated market and reflecting wider growth in its games segment.
Zeal said its games portfolio now includes more than 650 titles after adding 400 games during 2025
