March 21, 2024 3 min read


ZEAL Reports Strong FY 2023 Figures despite Weak Jackpot Environment

EBITDA reached a new five-year high of EUR 32.9 million ($35.9 million), despite a weak jackpot environment

ZEAL Network, Germany’s leading provider of online lottery products, has published its FY 2023 report, once again demonstrating the strength of its business. The company expanded its position as a market leader despite Germany’s harsh regulations.

According to ZEAL’s report, billings in the lottery sector increased to EUR 843.3 million ($920.6 million). Revenue, on the other hand, saw double-digit growth to EUR 116.1 million ($126.7 million). The lottery segment’s share of revenue was EUR 105.7 million ($115.4 million), an increase of 8% year-on-year.

In the meantime, EBITDA reached a new five-year high of EUR 32.9 million ($35.9 million), despite a weak jackpot environment.

In addition to reporting strong financial results, ZEAL also launched its online games offering in June 2023. The content went live on the web stores of its subsidiary, LOTTO24 AG, and achieved billings of EUR 41.6 million ($45.4 million), revenue of EUR 3 million ($3.3 million) and EBITDA of EUR 1.4 million ($1.5 million).

In total, ZEAL acquired 597,000 new customers, a decline from 703,000 in 2022. The drop was attributed to the significantly worse jackpot situation. Marketing expenses, on the other hand, stood at EUR 36 million ($39.3 million).

ZEAL added that its Executive Board and Supervisory Board will propose a dividend of EUR 1.10 ($1.20) per share at the Annual General Meeting on May 28.

In addition, the company published its revenue guidance for 2024, saying that it expects revenue in the range of EUR 140-150 million ($153-164 million) and EBITDA of EUR 38-42 million ($41.5-45.8 million).

ZEAL Is in a Strong Position

Sebastian Bielski, ZEAL’s chief financial officer, commented on the results, attributing the strong growth in billings and revenue to the company’s ability to inspire customers. He added that the company’s growing customer base attests to the success of the company’s targeted marketing strategy.

At the same time, our successful start in the online games business clearly shows that we are in a position to successfully develop new business areas.

Sebastian Bielski, CFO, ZEAL Network

Bielski’s sentiments were echoed by CEO Helmut Becker, who noted that ZEAL continues to be a market leader thanks to its strong brands. He pointed out that LOTTO24 produced more record winners in 2023 than any other lottery provider.

Our strong top and bottom-line results and our market share, which has grown to 41.4%, show that we are on the right track. We are therefore looking to the future with determination and confidence.

Helmut Becker, CEO, ZEAL Network

Becker Urges Germany to Block Illegal Websites

In the meantime, Becker spoke with EGR on Germany’s subpar channelization rates of 50.7%. He said that the figure highlights the urgent need for regulatory changes.

In his interview with the news outlet, Becker noted that Germany is already on the right track but must do more to tackle the black market. ZEAL’s CEO suggested that IP blocking must be implemented to prevent offshore operators from taking money from local consumers.  

In addition, Becker praised the GGL for carefully examining each and every game it approves but said that the process should be sped up.


Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

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