German lottery provider Zeal Network has raised its 2024 guidance after engaging a record number of new customers across the first nine months of the year.
The company said in its Q3 report that it has attracted 807,000 new customers so far in 2024, a year-on-year increase of 56 per cent.
In Q3, Zeal acquired 28 per cent more new customers than in the same period, which further helped third quarter revenue rise by 41 per cent year-on-year.
Revenue climbed to €121m and Zeal’s adjusted EBITDA grew 51 per cent to €35m.
“We are proud of our excellent business development since the beginning of the year, which is reflected in significant growth in revenue, EBITDA and new customer acquisition,” said chief financial officer Sebastian Bielski.
“The efficiency gains and scale effects of our business model are reflected in a disproportionately high increase in profitability. Although the jackpot situation in the third quarter was less favourable than at the beginning of the year, we were able to significantly increase lottery revenue by 42 per cent compared to the same period last year.”
Bielski added that the launch of Zeal’s new charity lottery, Traumhausverlosung, has “significantly exceeded our expectations.”
Zeal’s wider revenue from lotteries grew 35 per cent to €107.6m and billings rose 17 per cent to €743.1m.
Zeal has subsequently raised its guidance for 2024. It now expects revenue of between €158m and €168m, up from a previous maximum estimation of €150m.
The lottery provider also expects to generate EBITDA of between €42m and €46m, up from previous guidance of a maximum of €42m.
Elsewhere, Zeal announced on Tuesday that the Hamburg Local Court has appointed Carola Gräfin von Schmettow, formerly of HSBC Germany, as a member of its supervisory board.
Von Schmettow spent 17 years at HSBC Germany after studying mathematics at Heinrich Heine University in Düsseldorf.
“With her many years of capital market and supervisory board experience, she has the right qualifications to accompany Zeal in its next phase of growth,” said Peter Steiner, chairman of the supervisory board of Zeal.
Von Schmettow said Zeal has “outstanding potential for further sustainable growth.”
