Zeal nine-month revenue rises 22%

Zeal Network has reported group revenue of €198.8m for the first nine months of 2026, up 22% from €162.6m a year earlier. Growth was driven by lotteries and games, alongside the first-time consolidation of SevenCanyon.

Group EBITDA increased 9% to €58.7m from €54.1m despite mid-single-digit millions of euros in non-recurring expenses related to M&A activity.

Lotteries remained Zeal's largest business, with segment revenue increasing 16% to €170.8m. Lottery billings rose 10% to €915.1m, supported by customer growth and increased activity.

The number of new lottery customers increased 15% to more than one million, while average monthly active lottery customers reached 1.68 million, compared with 1.57 million a year earlier. Lottery gross margin improved to 18.3% from 17.5%.

Zeal also continued expanding outside its core state lottery brokerage business. Games revenue increased 18% to €12.1m, while billings rose 17% to €160.3m. Average monthly active games customers increased to 35,000 from 28,000.

Charity lotteries also contributed to the diversification, with the first season of Zeal's Dream Car Raffle completed during the third quarter and a second season already underway. Its Dream House Raffle continued to record double-digit revenue growth.

Meanwhile, Zeal consolidated UK prize draw operator SevenCanyon for the first time in Q3 after acquiring the remaining 96.5% stake in July. SevenCanyon contributed €10.5m in revenue and €1.4m in EBITDA during the period.

Following the consolidation and finalisation of SevenCanyon's revenue presentation under IFRS, Zeal raised its 2026 group revenue guidance from €250m–€260m to €270m–€280m.

Its full-year EBITDA guidance remains unchanged at €70m–€75m, including expected acquisition-related non-recurring expenses and assuming a normal jackpot environment in Germany.

Zeal also said its activities contributed more than €300m to public funding and charitable causes in Germany during the first nine months of 2026.