On November 7, 2025, ZEAL Network SE, a prominent name in Germany’s online lottery industry, reported a robust third quarter, with a remarkable 34% increase in revenue compared to the previous year. This growth, reflected in the €162.6 million revenue for Q3 2025, is attributed to heightened customer engagement, impressive results from its charity lottery, and a significant upswing in its games sector.
Maintaining its core business strength, ZEAL’s lottery sales remain its lifeblood, supplemented by the vibrancy brought by its growing games segment. From last year’s €121.4 million, the group’s revenue leaped, and the earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 55% to reach €54.1 million. This financial success is further emphasized by an improvement in the gross margin, which rose to 17.5%, up from 14.5% the previous year, driven by strategic pricing and an optimized product mix.
Andrea Behrendt, ZEAL’s Chief Financial Officer, expressed that the achievements are a reflection of the company’s strategic and operational prowess. She pointed out the commendable revenue growth across all business areas, underscoring the operational efficiencies that contributed to the significantly increased EBITDA margin.
ZEAL’s lottery business remains the focal point of its success, with increasing numbers of players and innovative campaigns propelling its core performance. Lottery revenues saw an impressive 36% year-on-year jump, bolstered by a 17% rise in monthly active customers, now averaging 1.57 million. The company’s charity initiative, the Traumhausverlosung or Dream House Raffle, continued to capture public interest, achieving record results in its fourth campaign since its 2024 debut. The fifth edition of this popular raffle, featuring a property in the scenic Bavarian Forest, is already attracting participants.
In the first nine months of 2025, ZEAL successfully welcomed 879,000 new customers, reflecting a 9% year-on-year increase, supported by a 35% hike in marketing expenditure aimed at fostering expansion. Meanwhile, ZEAL’s games division delivered a remarkable performance, generating €10.3 million in revenue, up 51% from last year’s €6.8 million.
Following these robust results, ZEAL revised its full-year forecast upwards. The company now expects total revenue for 2025 to fall between €205 million and €215 million, surpassing its previous estimate of €195 million to €205 million. Similarly, EBITDA projections have been adjusted to a range of €63 million to €68 million, up from €55 million to €60 million. This optimistic outlook is based on the rising demand for online lottery products, strengthened brand engagement through charity initiatives, and ongoing diversification within its games segment.
Amidst these financial successes, ZEAL is poised for a leadership transition. In July, the company announced the appointment of Dr. Stefan Tweraser as the new Chief Executive Officer, with his tenure beginning in September 2025. This transition occurs at a strategic juncture as ZEAL scales operations and deepens customer relationships throughout Germany.
However, ZEAL faces the challenge of sustaining its growth in an increasingly competitive European online lottery market. Despite market fluctuations and the unpredictable nature of jackpots, the company’s robust revenue, improved margins, and heightened customer engagement provide a solid foundation as it approaches the final quarter of the year with momentum and confidence.
As ZEAL positions itself for continued success, the question remains: Can it maintain its impressive growth trajectory amidst the intensifying competition in Europe’s online lottery landscape?
Erik Agary is a seasoned writer at True Games Reviews, specializing in gaming, casino games, and interactive entertainment. With a passion for all things digital, Erik dives deep into the latest trends and developments in the gaming world, offering insightful reviews and detailed analysis. His expertise spans across multiple gaming platforms, ensuring comprehensive coverage that resonates with both novice and experienced gamers alike.
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