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ZEAL gets off to a strong start in 2025: significant increases in revenue, EBITDA and customer base

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ZEAL, the leading German provider of online lotteries, has made a strong start to the new year and recorded significant and sustained growth in its key figures in the first quarter. The Group’s revenue increased by 42% to € 51.1 million in the first three months of the year (2024: € 36.1 million).  At € 17.7 million, EBITDA was almost twice as high as in the previous year (2024: € 9.4 million).

“We started the new year with a lot of momentum and were able to achieve strong results in the first quarter,” says Andrea Behrendt, CFO of ZEAL. “We are particularly proud of the significant increase in our revenue and customer base despite the absence of peak jackpots. This shows that our strategic marketing expenditure and our measures to acquire new customers continue to pay off in the long term and that we are in an excellent operational position. I’m a firm believer in the growth opportunities in our core business in a still underpenetrated market.

Revenue in core business grows by 41%

ZEAL‘s significant revenue growth in the first quarter is primarily attributable to the strong performance of the lottery business. Despite a weak jackpot situation, billings from lotteries increased by 7% to € 246.7 million (2024: € 246.3 million). The average number of active customers rose by 13% to 1,507 thousand (2024: 1,333 thousand) thanks to continued successful marketing measures. ZEAL was also able to improve its gross margin by 4.1 percent to 17.1% (2024: 13.0%) thanks to the price increase in the previous year and a strong product mix. The parallel increase in billings and gross margin led to significant revenue growth in the lottery business of 41% to € 45.2 million (2024: € 32.0 million).

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Games business grows by 56%

The games business also performed very well in the first three months of the year. ZEAL was able to expand its games portfolio in the B2C segment to more than 400 titles, increasing revenue from games by 56% to € 3.4 million (2024: € 2.2 million).

Disproportionate increase in EBITDA and EBIT

ZEAL intensified its investment in continuous growth in the past quarter and set an absolute record for a quarter without maximum jackpots with 247 thousand new customers. The 47% increase in acquisition costs per registered new customer (cost per lead, CPL) to € 48.5 (2024: € 33.0) is attributable to various tests of measures to develop new target groups and channels.

Other operating expenses increased by 21% to € 25.4 million (2024: € 21.0 million). In addition to strategic marketing expenses, which rose by 16% to € 15.5 million (2024: € 13.4 million), this was primarily due to an increase in the direct and indirect costs of business operations. The further development of the product mix led to a 21% increase in direct operating costs to € 4.9 million (2024: € 4.0 million). The increase in indirect operating costs to € 4.9 million (2024: € 3.6 million) was in particular due to external consulting services as well as external staff and software costs.

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Despite the higher costs, ZEAL was able to increase EBITDA disproportionately by 89% to € 17.7 thousand (2024: € 9.4 thousand) thanks to efficiency improvements and strong sales growth. At € 15.6 thousand, EBIT more than doubled compared to the previous year (2024: € 7.5 thousand). Net profit for the period fell by 53% to € 9.8 million (2024: € 21.1 million) due to the first-time recognition of deferred tax assets in the previous year.

The post ZEAL gets off to a strong start in 2025: significant increases in revenue, EBITDA and customer base appeared first on European Gaming Industry News.

Press Releases

James O’Kelly Appointed Head of Corporate Development at SolutionsHub

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SolutionsHub is pleased to announce the appointment of James O’Kelly as Head of Corporate Development, a newly established role that underscores the company’s commitment to strategic growth, innovation, and excellence in client service.

Since joining SolutionsHub, James has been instrumental in driving key initiatives across the organization. Over the past 18 months, James has headed high-impact growth intiatives, managed treasury and led sucessful licensing for clients. His contributions have also extended to representing SolutionsHub on the international stage, enhancing the company’s global presence.

In his new role, James will take the lead on a range of high-impact strategic initiatives in close collaboration with the Board of Directors. His primary focus will be on identifying and cultivating key partnerships, as well as spearheading the development of innovative product lines that align with the company’s long-term vision. To fully dedicate his efforts to these forward-looking priorities, James will be transitioning responsibility for day-to-day operations and compliance to other senior members of the leadership team. This shift will enable him to concentrate on shaping the company’s future growth trajectory and ensuring its continued success.

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“James has consistently demonstrated outstanding leadership and a deep understanding of our business and industry,” said Lee Hills, CEO of SolutionsHub. “His appointment as Head of Corporate Development is a natural evolution that aligns with our long-term strategic goals and further reinforces the strength of our leadership team.”

James will continue to play a pivotal role in advising and supporting clients through increasingly complex regulatory, licensing, and jurisdictional considerations. Leveraging his extensive experience and strong track record of delivering innovative, compliant, and forward-thinking solutions.

 

The post James O’Kelly Appointed Head of Corporate Development at SolutionsHub appeared first on European Gaming Industry News.

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Industry Awards

ELA Games Receives Key Nomination at EGR Marketing & Innovation Awards

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The studio is shortlisted for the “Brand of the Year – B2B” category

ELA Games, an innovative game development studio, has been shortlisted for the “Brand of the Year – B2B” category at the upcoming EGR Marketing & Innovation Awards 2025.

The EGR Marketing & Innovation Awards is an event that celebrates key figures and innovative brands within the iGaming industry. The ceremony recognises companies that demonstrate commercial success through game-changing creativity and contributions to the improvement of the industry. It gathers the brightest and most influential minds to reward those who have helped the online gaming sector grow.

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ELA Games’ nomination for the “Brand of the Year – B2B” category highlights the company’s efforts in creating a portfolio that balances operator-centric growth with player-friendly gaming experiences. The studio has demonstrated a commitment to helping operators improve player acquisition and retention metrics through data-backed performance, making it a beneficial partner.

Marharyta Yerina, ELA Games’ Managing Director, commented on the nomination, “The ELA Games team is proud to receive a nomination for a significant category at a prestigious event. We’ve made considerable strides in 2025 to develop our portfolio and create games that both help operators grow and provide fun for players. We look forward to networking with all our peers at the ceremony, and congratulations to all nominees!”

The EGR Marketing & Innovation Awards 2025 will take place on June 19, 2025, at The Mermaid, London. The ELA Games team will attend the ceremony for a night of excitement, networking, and celebration.

The post ELA Games Receives Key Nomination at EGR Marketing & Innovation Awards appeared first on European Gaming Industry News.

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Giorgia Kasat

Reals Appoints Giorgia Kasat as New Head of HR, Strengthening Organizational Strategy in the Betting Industry

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Leading Brazilian Betting Brand Reals Welcomes Former Itaú and Votorantim Executive to Drive Human Capital Development

Reals, one of Brazil’s leading regulated online betting and gaming platforms, has announced the appointment of Giorgia Kasat as its new Head of Human Resources. With over 20 years of experience in strategic people management, organizational transformation, and leadership development, Giorgia brings a wealth of expertise from her roles at major corporations such as Votorantim, Banco Itaú, Duratex, Capgemini, and Munksjö.

Recognized as a finalist in the 2024 “Most Admired CEOs and HR Leaders” awards by Grupo Gestão RH, Giorgia also holds an Executive Business degree from Fundação Dom Cabral, an MBA in Business Management from Fundação Getúlio Vargas (FGV), and certification in Group Psychodrama from PUC-SP.

“We believe that a company’s success is directly linked to its ability to foster the best in its people within a healthy, growth-oriented environment. Giorgia’s human-centered leadership style drives engagement and positive results. As a serious and regulated company, professionalism is a core value for us, and her arrival is a strategic step in our organizational growth,” said Hilton Andrade, CFO of Reals.

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Giorgia expressed enthusiasm about joining Reals at a pivotal moment for the company and the industry: “I’m excited to take on this new challenge with a major player in the betting and online gaming industry. My passion lies in developing people who go on to inspire and empower others. Together, we’ll build a strong culture of growth, diversity, and performance in a sector that is rapidly consolidating in Brazil and globally.”

Reals Expands Workforce and Strengthens Market Presence

Amid rapid expansion, Reals is in the process of hiring approximately 1500 new employees and preparing to move into a new 6,000 m² headquarters in São Paulo. Already a standout in the market, Reals made headlines earlier this year by becoming the first Brazilian betting operator to sponsor a major European football club, AC Milan, as its Official Regional Betting Partner for Latin America.

Reals also holds a master sponsorship with Coritiba Foot Ball Club in Brazil and boasts an all-star ambassador roster led by TV personality Rodrigo Faro, alongside popular influencers Ítalo Sena, Edu Primitivo, and Gabi Nery.

With a 9.5 rating on Reclame Aqui, Reals is among the top-rated licensed betting operators in Brazil, reinforcing its reputation for reliability and customer trust.

The post Reals Appoints Giorgia Kasat as New Head of HR, Strengthening Organizational Strategy in the Betting Industry appeared first on Gaming and Gambling Industry in the Americas.

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