Zeal H1 revenue surges 31% despite weak jackpot cycle

Summary

Zeal delivered strong H1 2025 results despite lower jackpot levels for LOTTO 6aus49 and Eurojackpot. Group revenue climbed to €101.5m (c.32% up year‑on‑year) and EBITDA jumped 76% to €35.4m, driven mainly by the lottery business and a sizable inflow of new customers.

Lottery billings rose 4% to €527.3m and lottery revenue increased 34% to €91m as gross margin improved 3.8 percentage points to 17.3%. The iGaming segment also grew, with B2C games revenue up 49% to €6.7m and the portfolio expanding to over 480 titles.

Source

Source: https://igamingbusiness.com/lottery/zeal-h1-surge-despite-weak-jackpot-cycle/

Key Points

• Group revenue rose ~32% to €101.5m in H1 2025.
• EBITDA surged 76% to €35.4m; EBIT nearly doubled to €31.1m.
• Lottery billings up 4% to €527.3m despite weaker jackpots; lottery revenue grew 34% to €91m.
• Active monthly customers increased 12% to 1.51 million; 499,000 new customers acquired in H1.
• Gross margin improved to 17.3% (up 3.8ppt) aided by a prior price rise and product mix shifts.
• iGaming revenue rose 49% to €6.7m; B2C games library expanded to over 480 titles.
• Marketing spend increased 14% to €29.1m; acquisition cost per new customer rose 41% to €46.93.
• Costs rose across the board (indirect +20% to €10.4m; direct +14% to €9.8m; other operating expenses +15% to €49.4m) as Zeal invested for growth.
• Major board changes: Stefan Tweraser named new CEO (from 15 Sept); Helmut Becker to step down as CEO and act as consultant; Carola Gräfin von Schmettow appointed chairwoman.

Why should I read this?

Short version: Zeal doubled‑down on growth and it worked. If you care about how a lottery operator can expand customers and profit even with weaker jackpots — and why leadership changes now matter — this is the quick, no‑fluff update you need.

Context and relevance

Zeal’s results show that lottery operators can offset unfavourable jackpot cycles with marketing, price and product mix adjustments. The numbers highlight a scalable, resilient model in European online lottery and point to continued consolidation and executive reshuffles in the sector — useful intel for investors, competitors and partners tracking market leadership and customer acquisition economics.