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ZEAL presents strong nine-month figures: Double-digit growth in revenue and billings
ZEAL Network SE, the leading German online provider of lottery products, significantly increased its billings and revenue in the first nine months of 2023. In addition, ZEAL acquired more new customers than in the previous year, further strengthening the basis for future revenue growth.
“The strong growth in our billings and revenue proves that we continue to expand our market leadership,” says Sebastian Bielski, CFO of ZEAL. “The publication of the first figures for our online games business also show that ZEAL has made the right decision to enter this new line of business. The initial success in the online games segment also makes us confident that we are on track for further growth with our attractive and growing games offering.”
More sales and billings through marketing investments
Driven in part by a successful third quarter, ZEAL Group’s billings grew by 16 percent to € 633.2 million in the first nine months of 2023 (2022: € 544.4 million). At the same time, revenue also increased by 16 percent to € 86.0 million (2022: € 74.5 million). At 12.5 percent, the company’s gross margin was close to the previous year’s figure (2022: 12.8 percent).
In the first nine months of the year, ZEAL was able to use the attractive jackpot phases in January, March, June and September to acquire new customers and further expand its business volume. The company intensified its marketing activities during high jackpot phases and promoted future sales growth through intensified TV advertising.
Strong EBITDA despite increased new customer acquisition
In the first nine months of 2023, ZEAL acquired 518 thousand new customers (2022: 501 thousand). Due to ongoing media-cost inflation, intensified competition for new customers in online channels, and the company’s strategic decision to invest into brand-building through increased TV advertising, the acquisition costs per registered new customer (cost per lead, CPL) were higher than in the previous year at € 46.81 (2022: € 36.42). Overall, marketing expenses were 27 percent higher than in the previous year at € 30.7 million (2022: € 24.1 million). For this reason, other operating expenses rose to € 48.8 million (2022: € 40.6 million). Even taking into account ZEAL’s increased investment into marketing, EBITDA increased by 5 percent to € 23.2 million (2022: € 22.0 million). EBIT amounted to € 16.7 million (2022: € 15.5 million) while the after-tax result for the period fell to € 10.1 million (2022: € 12.1 million) due to a € 1.1 million decrease in the financial result and a significant increase in tax expenses compared to the previous year.
First figures for Online Games
With the results for the third quarter of 2023, ZEAL is presenting its first business figures for its online games offering launched in June 2023. Since the launch of the offering, ZEAL has started to grow its games portfolio. Revenue in the third quarter of 2023 amounted to € 1.2 million. As the offering was started only recently there are no comparative figures for the previous year.
Forecast confirmed
For the 2023 financial year, ZEAL continues to plan to expand its market leadership as an online provider of lottery products and introduce new products, including additional online games. For the Germany segment, ZEAL anticipates billings from lotteries (excluding games) in the range of € 800 million to € 830 million, assuming an average jackpot development. In addition, ZEAL continues to assume that revenue in the 2023 financial year will be between € 110 million and € 120 million. ZEAL expects EBITDA to be in the range of € 30 million to € 35 million. The company continues to expect to invest significantly more in new customer acquisition compared to the previous year and expects marketing expenses of € 34 million to € 39 million.
Arcade Heist
GoldenRace’s new Hit&Win games, Arcade Heist & Fortune Fighters
In an industry that never stands still, the race for innovation is constant. GoldenRace identified a shift in player behaviour: the modern audience craves more than just a bet; they want innovation, simplicity, gamification, fun, excitement, rewards and speed.
This realisation led to the birth of a brand-new vertical designed to bridge the gap between traditional betting and casual arcade gaming: Hit&Win.
GoldenRace’s first titles in this category are Arcade Heist, which takes the concept to a whole new level by introducing the essence of gaming: a community experience; and Fortune Fighters, a combat-themed experience that brings the intensity of a tournament arena to the palm of a player’s hand.
Arcade Heist moves away from the solitary nature of traditional betting and introduces a raid mechanic. In this game, the high-stakes world of undercover robberies meets classic arcade fun, but with a revolutionary twist.
On the other hand, what sets Fortune Fighters apart is its narrative depth. Players step into the shoes of Kai, a disciplined student fighting to restore his master’s honour against the reckless and loud Brotus. By entering “The Fortune Tournament”, players participate in a quest where every strike, dodge and move is a wager. This storytelling drives long-term engagement and player loyalty, turning a standard betting session into an immersive journey.
ICE 2026 Encore webinar: Reviewing Softquo’s major highlights
Want to know more about GoldenRace and the rest of Softquo companies’ revolution?
If you couldn’t make it to ICE Barcelona 2026, or if you want a strategic replay of the biggest announcements, you won’t want to miss this exclusive webinar!
Join Martin Wachter, Softquo’s CEO and Founder, Joey Kordahi, Softquo’s Project Manager and Simone Suppa, Novusbet’s Managing Director, as they review the essential topics and news introduced by the Softquo Holding at ICE 2026.
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Best Software Supplier of the Year
Champions Club Dominates the Event in GR8 Tech’s Largest ICE to Date
“ICE is where operators come with a plan,” said Sergey Ghazaryan, CRO at GR8 Tech. “And this year, the demand was strong, as our meeting calendar was full and conversations were the kind that led to next steps. Champions Club worked because it was built for important decisions: practical learning and direct discussions about how to launch faster, localise properly, and keep performance strong when it matters most. That’s what we’re bringing into 2026.”
Platform for Champions, Proven at ICE
GR8 Tech showcased Platform for Champions, giving operators a clear view of how the stack supports various launch and scaling scenarios. The biggest conversation starter was Crypto Turnkey—a new launch built for operators who want more control over payments, faster routes to market, and access to crypto-forward player demand. Across meetings, the team spoke with existing partners and new prospects about how crypto can remove PSP bottlenecks, strengthen payment uptime, and unlock higher-value segments. Turnkey conversations drew the strongest pull, accounting for around 60% of all discussions.
Champions Club, Delivering the Energy
GR8 Tech left ICE Barcelona 2026 with a full calendar of follow-ups—and a format proven to work. Champions Club kept the space in constant motion: athletes and performers on treadmills (even in heels), pad-work sessions with Lee McFarland from Behind the Gloves, and meetings completely booked.
Acceler8 Lab ran at full capacity throughout, with sessions delivered in partnership with Gaming Operations Academy. GR8 Tech experts joined industry specialists, including Scott Rowan (Bet Data Consultants) and Verónica Guerrero (ElenPAY), to cover crypto payments, sportsbook optimization, AI implementation, and more.
The post Champions Club Dominates the Event in GR8 Tech’s Largest ICE to Date appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Compliance Updates
eGaming Integrity launches Voluntary Code Advisory Service for prize draw operators
eGaming Integrity – a leading compliance and internal audit advisory firm – has launched a Voluntary Code Advisory Service to support online prize draw and competition operators as regulatory scrutiny of the sector increases and a new compliance deadline approaches.
The service was launched following the introduction of the Department for Culture, Media and Sport’s Voluntary Code of Good Practice for online prize draws and competitions in November 2025. The Code sets a deadline of 20 May 2026. By that point, operators are expected to be more transparent, strengthen consumer protections and show active oversight of their operations. Failure to demonstrate effective voluntary compliance may increase the likelihood of statutory licensing and subsequent tighter regulation.
Prize draws are not regulated as gambling under the Gambling Act 2005. Despite this, the sector has grown rapidly and attracted attention in Westminster. The UK online prize draw market is now estimated to be worth around £1.3bn, with more than 7 million players. That scale has brought closer attention from policymakers.
The Voluntary Code shifts the focus from policy language to demonstrable practice. Operators now have to show what they actually do, and prove it.
eGaming Integrity’s new service is designed to help operators understand the requirements of the Code, assess current practices and prepare clear, practical evidence of compliance. Support covers areas including free entry routes, transparency of terms and odds, responsible marketing practices, internal monitoring processes and public disclosure of consumer protection measures.
Emma Shilling, Director at eGaming Integrity, said: “The Voluntary Code changes the conversation for prize draw operators. It is no longer enough to point to a policy and say the right words are there. Operators are being asked to show what happens in practice. Our job is to help businesses work that through properly, spot issues early and evidence what they are doing.”
eGaming Integrity’s audit and risk specialists lead the work. The focus is on practical rather than theoretical matters. Findings are clearly set out, with recommendations that operators can act on as regulatory expectations tighten.
Robert Penfold, Head of Internal Audit at eGaming Integrity, said:
“The writing is on the wall. This is voluntary for now, but that could change quickly. Operators who build real oversight systems today won’t be scrambling if this becomes statutory tomorrow.”
The Voluntary Code Advisory Service is available immediately to UK prize draw and competition operators.
The post eGaming Integrity launches Voluntary Code Advisory Service for prize draw operators appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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