• Revenue increases by 32 percent to € 101.5 million
• EBITDA rises by 76 percent to € 35.4 million
• Number of monthly active customers for lotteries grows by 12 percent to 1.515 thousand
• Gross margin from lotteries improves to 17.3 percent

ZEAL Network SE, Germany’s leading online provider of lottery products, recorded substantial and sustainable growth in key performance indicators in the first half of 2025. Group revenue increased by 32 percent to € 101.5 million in the first six months of the year (2024: € 76.8 million). EBITDA rose by 76 percent to € 35.4 million (2024: € 20.1 million).

“We once again achieved strong results in the first half of 2025. ZEAL’s continued growth path proves that our business model is highly robust and scalable over the long term,” commented Helmut Becker, CEO of ZEAL. “We are in an excellent position to further expand our market leadership in a growing industry.”

Andrea Behrendt, CFO of ZEAL, added: “Our half-year results are a true team success – especially given that the jackpot situation was rather weak compared to the previous year. Challenging market conditions particularly underscore our operational excellence. The significant increases in revenue and EBITDA were driven by further expansion of our customer base and profitability.”

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Lottery Business Revenue Grows by 34 Percent

The strong performance of the lottery business was the key driver of ZEAL’s significant revenue growth in the first half of the year. Despite lower average jackpot levels for LOTTO 6aus49 and Eurojackpot compared to the prior-year period, lottery billings increased by 4 percent to € 527.3 million (2024: € 507.1 million).

Thanks to continued successful marketing initiatives, the average number of active customers per month (MAU) rose by 12 percent to 1,515 thousand (2024: 1,353 thousand).

Additionally, ZEAL was able to improve the gross margin by 3.8 percentage points to 17.3 percent (2024: 13.4 percent), driven by a price increase implemented in the previous year and a changed product mix.

The simultaneous increase in billings and gross margin resulted in a significant 34 percent rise in lottery business revenue to € 91.0 million (2024: € 68.0 million).

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Games Segment Grows by 49 Percent

The Games segment also continued its strong development in the first half of the year. ZEAL expanded its B2C games portfolio to more than 480 titles and increased revenue in the Games segment by 49 percent to € 6.7 million (2024: € 4.5 million).

Significant Increases in EBITDA and EBIT

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Challenging jackpot conditions in the first half of 2025 made new customer acquisition more difficult. Nonetheless, ZEAL continued to invest heavily in sustained growth, acquiring 499 thousand new customers (2024: 592 thousand).

Intensive marketing efforts led to an increase in acquisition costs per new customer (Cost per Lead, CPL) by 41 percent to € 46.93 (2024: € 33.20).

Other operating expenses rose by 15 percent to € 49.4 million (2024: € 42.8 million).

In addition to strategic marketing spend—which increased by 14 percent to € 29.1 million (2024: € 25.5 million)—this was primarily due to higher direct and indirect operating costs. The ongoing development of the product mix led to an increase in direct operating costs by 14 percent to € 9.8 million (2024: € 8.6 million). Indirect operating costs increased by 20 percent to € 10.4 million (2024: € 8.7 million), driven in particular by external consulting services, freelance personnel, and software expenses.

Through efficiency gains and the scalability of its business model, ZEAL was able to increase EBITDA disproportionately to revenue—by 76 percent to € 35.4 million (2024: € 20.1 million). EBIT nearly doubled year-on-year, reaching € 31.1 million (2024: € 16.1 million).

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Based on the strong results of the first half of 2025, ZEAL confirms the forecast published on March 26, 2025.

BETBY, a leading sportsbook supplier, has released its H1 2025 performance figures, showcasing solid growth across key verticals, including its proprietary esports feed BETBY.Games. These results highlight the provider’s product strength and growing global presence through both new and existing partnerships.

During the first half of the year, BETBY’s sportsbook delivered a strong performance, with Gross Gaming Revenue increasing by 472% compared to H1 2024. The number of active players across its partner network rose by 211%, reflecting the growing appeal of BETBY’s comprehensive sportsbook solution. Total bets placed also climbed by 277%, marking another period of high engagement across the platform.

Betby.Games, the supplier’s proprietary esports feed, also made a significant contribution to the company’s overall growth. The vertical achieved a 153% year-on-year increase in Gross Gaming Revenue and a near 57% rise in bets placed during the period. As a result, Betby.Games accounted for 14% of the company’s total GGR for H1 2025.

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Leonid Pertsovskiy, Chief Executive Officer at BETBY, said: “H1 has been another important step forward for BETBY, with meaningful growth in both our sportsbook and esports verticals. We continue to innovate, scale, and support our partners’ ambitions by delivering products that perform, with Betby.Games’ performance demonstrating the underlying strength and potential of the vertical. As we look ahead, we remain focused on accelerating growth across all areas.”

To find out more about Betby, please visit: https://betby.com/

Evoplay, the award-winning game development studio, has reported a successful first half of 2025 marked by strong commercial growth, continued product expansion and new milestones across key verticals.

In the first half of 2025, the studio launched 19 new titles and saw a 47% rise in player activity compared to the same period last year. Total rounds played increased by 27%, while gross gaming revenue (GGR) grew by 21% and the total bet amount by 24%, reaffirming Evoplay’s status as one of the fastest-expanding suppliers in the iGaming sector.

Evoplay’s innovative output and unique game design continued to earn industry recognition. The studio received the Slots Provider of the Year award at the AffPapa Awards and claimed the Game Design & Art Direction trophy at the SBC Awards Europe, recognised for the groundbreaking title Adrenaline Rush.

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Alongside core slots and instant games, Evoplay continued to build momentum in lottery and bingo. The company launched Adrenaline Rush: Scratch, a new approach to digital lottery entertainment, and established new partnerships with state operators, including Loterías Torito in Peru and Azerlotereya in Azerbaijan. All titles were fully localised to comply with lottery regulations and responsible gaming standards, featuring customised game mechanics and content specific to each market.

“Our lottery offering represents a significant milestone in Evoplay’s journey,” said Frank Cecchini, Head of Lottery at Evoplay. “We’ve shown that our games can support lotteries in attracting new audiences and diversifying operators’ portfolio, without undermining the trust and structure of the traditional lottery model.”

In tandem with product development, Evoplay also enhanced its global marketing strategy. The studio launched its Big Adventures Campaign, its most extensive network campaign to date, supported by a €2.5 m prize pool, and continued to enhance the Client Area, a dedicated platform that offers partners easy access to promotional materials and tools.

Another key milestone was the launch of the Affiliate Hub, a resourceful platform that enables media and affiliate partners with release schedules, game sheets, and brand assets.

“Our goal has always been to make life easier for our partners,” said Diana Larina, Head of Marketing at Evoplay. “From campaign design to delivery, we’re equipping operators and affiliates with the tools they need to get our games in front of the right players at the right time.”

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In a first-of-its-kind collaboration, Evoplay also co-developed Uncrossable Rush in partnership with SlotCatalog, a leading industry analytics affiliate platform. The title represents a new blueprint for data-driven development and a closer alignment between supplier and affiliate marketing.

As part of the company’s broader update, Evoplay also announces that Chief Commercial Officer Ihor Zarechnyi will be stepping down. A key member of the team since 2021, Ihor has played a vital role in Evoplay’s global growth and partner expansion and has been crucial in shaping the studio’s commercial strategy.

“We’re incredibly grateful for Ihor’s leadership and the significant contributions he has made over the years,” said Ivan Kravchuk, CEO at Evoplay. “This marks the start of an exciting new chapter for both Evoplay and Ihor, and we part ways with great respect, pride, and confidence in the future.”

The company also announced several internal promotions, including Vasilena Gekova as Head of Finance. Her appointment follows earlier promotions of Anton Gyria as Director of Business Operations and Olga Pronak as Head of Key Account Management, further demonstrating Evoplay’s commitment to nurturing talent from within as the company continues its growth journey.

Anton Gyria noted: “It’s been a rewarding journey so far, and stepping into a more strategic position allows me to support the business on a wider scale while staying true to the culture that’s made Evoplay what it is.”

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These changes reflect the studio’s long-standing commitment to developing and recognising its people, with each promotion resulting from years of consistent contributions and leadership across various departments.

As Evoplay expands its global presence and product verticals, strengthening internal teams and rewarding dedication remains a core focus.

Ivan Kravchuk added: “The first half of 2025 has been a testament to the strength of our vision and the dedication of our team.

“From expanding into new verticals to delivering exceptional content and establishing valuable partnerships, we’ve taken bold steps that continue to shape our journey. We’re proud of what we’ve accomplished so far and remain committed to building momentum in the months ahead.”