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ZEAL Network SE, Germany’s leading online provider of lottery products, recorded significant growth in revenue and EBITDA in the first nine months of 2025. Group revenue increased by 34 percent to € 162.6 million (2024: € 121.0 million). EBITDA grew disproportionately by 55 percent to € 54.1 million (2024: € 35.0 million).

“In the first nine months of the year, we once again transformed our corporate strengths into excellent results and thereby continued our long-term success. We achieved strong revenue growth in all business areas with great operational efficiency, which is reflected in a significantly increased EBITDA margin. Since its launch last year, the Dream House Raffle has quickly become a very popular product. Across our core lottery brokerage business, charity lotteries, and games, we are well positioned for further growth” says Andrea Behrendt, CFO of ZEAL.

Lottery Revenue Grows by 36 Percent
The strong performance of the lottery business was the key driver of ZEAL’s significant revenue growth in the first nine months of the year. Lottery billings climbed by 12 percent to € 834.3 million (2024: € 743.1 million). This growth is attributable to the increase in the average number of active customers per month (MAU) by 17 percent to 1,572 thousand (2024: 1,347 thousand). Additionally, ZEAL was able to improve its gross margin by 3.0 percentage points to 17.5 percent (2024: 14.5 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 36 percent rise in lottery business revenue to € 146.0 million (2024: € 107.6 million).

Fourth Dream House Raffle Most Successful Campaign to Day
The charity lottery Traumhausverlosung (Dream House Raffle) continues to develop very positively. Since the launch in August 2024, four houses have been raffled off. The most recent dream house on the North Sea coast generated the highest billings of all campaigns so far. The fifth raffle is currently underway, offering participants the chance to win a dream house in the Bavarian Forest.

Games Business Grows by 51 Percent

The games segment also continued its encouraging development in the first nine months of the year. ZEAL expanded its B2C games portfolio to almost 600 titles, partly through new partnerships with renowned game developers such as Greentube and GGames, and increased revenue in the Games segment to € 10.3 million (2024: € 6.8 million).

Targeted Marketing Leads to Record Customer Growth
ZEAL has once again significantly expanded its customer base since the beginning of the year. The number of registered new customers rose by 9 percent in the first nine months of this year to a record value of 879 thousand (2024: 807 thousand). The successful acquisition of new customers led to an increase in acquisition costs per new customer (cost per lead, CPL) of 31 percent to € 46.52 (2024: € 35.54).

Other operating costs increased by 29 percent to € 81.2 million (2024: € 63.2 million). Marketing expenses, which were specifically used to grow the customer base, increased by 35 percent to € 50.0 million over the first nine months of the year (2024: € 36.9 million). The reason for the increase in direct operating costs from € 12.4 million to € 15.2 million is the 15 percent increase in customer pay-ins and the € 0.8 million increase in commissions for external developers as a result of the growth of our games business.

Significant Increases in EBITDA and EBIT
Despite significantly higher marketing expenses, EBITDA in the first three quarters of 2025 increased disproportionately to revenue due to efficiency gains and further economies of scale, rising 55 percent year-over-year to € 54.1 million (2024: €35.0 million). At € 47.7 million, EBIT even exceeded the comparable figure by 65 percent (2024: € 28.9 million).

Forecast Raised
Due to an improved lottery gross margin and the positive development of the charity lottery Traumhausverlosung, ZEAL Network SE expects revenue and EBITDA for the financial year 2025 to exceed the forecast published in March 2025. Depending on the general conditions – in particular the further development of the jackpot – the company now expects revenues of between € 205 million and € 215 million for the 2025 financial year (previously: € 195 million to € 205 million). ZEAL expects EBITDA to range between € 63 million and € 68 million (previously: € 55 million to € 60 million).

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ClearStake, the platform transforming player verification in UK iGaming, has raised £1.5 million in a funding round backed by some of the biggest names in the industry.

The raise will accelerate growth and support the rollout of ID by Bank, ClearStake’s new product that lets operators instantly verify player identity via their banking app, boosting FTDs while cutting fraud and manual reviews.

Among the investors backing this round are some of the most influential entrepreneurs and executives in the sector, including: Michael Brady (Bede Gaming, Conexus), Simon Collins (Ex Foxy Bingo, Gaming Realms plc), Savvas Fellas (MrQ.com), Will Armitage and Philipp Strizke (BestOdds.com), Max Wright (White Hat Gaming), Ben Clemes (Ex GiG, HappyHour), David Flynn (Glitnor Group), Paddy Power (Flutter) and Sam Swannell (PointsBet).

“This raise is a strong signal that our mission matters more than ever,” said ClearStake CEO Martin Burt. “The investors backing us have built some of the most successful businesses in iGaming and have experienced first-hand the challenges of regulatory friction. 

“Their support validates our approach: making all verification seamless, compliant and player-friendly. With products like ID by Bank and our affordability and source-of-funds solutions, we’re proving that exceptional customer experience around verification and compliance can actually drive growth, not kill it.”

The round follows a previous raise in February 2024, which helped ClearStake scale its operations and sign major partners including tombola, MrQ and Ivy Casino. ClearStake has already supported multiple UKGC audits, providing operators with transparent, audit-ready data that regulators trust.

ClearStake’s cap table also includes seasoned leaders such as High Roller CEO Seth Young, former Sportsbet CEO Cormac Barry, former EML CEO Tom Cregan, Adam Perrin (Ex-Paddy Power) and Oliver Slipper the co-founder and former CEO of Stats Perform.

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SPRIBE, the studio behind Aviator, the number one crash game in the world, has signed UFC fighter and current flyweight champion, Alexandre “Cannibal” Pantoja, as its latest brand ambassador.

Pantoja is one of the most successful flyweight fighters in UFC history with the most wins, finishes and submissions in the division. The Brazilian fighter is known for his explosive style and controlled aggression, making him one of the most celebrated athletes in the UFC.

As an Aviator brand ambassador, Pantoja will promote the game to his fans in Brazil and beyond by taking part in a number of high-profile campaigns over the coming 12 months.

The deal with Pantoja forms part of SPRIBE’s wider marketing partnership with UFC, which sees Aviator branding appear inside the famous Octagon® on Fight Night and PPV Events. It also includes a brand ambassador fund for collaborations such as this.

Pantoja joins a growing roster of UFC superstars who are promoting Aviator to their fans, including the likes of Michael Page, Arman Tsarukyan, Diego Lopes, Alex Pereira, Johnny Walker and Merab Dvalishvili.

Since entering into its multi-year partnership with UFC, Aviator has seen its monthly active players increase from 10 million to 60 million, with those players placing more than 400,000 bets per minute across 5,000+ online casino and sportsbook brands.

Giorgi Tsutskiridze, CCO at SPRIBE, said: “Alexandre Pantoja is considered one of the greatest flyweight fighters in UFC history, so to have him promoting Aviator to his fans is a major coup for us. 

“Aviator is quickly becoming one of the most popular casino games in Brazil, a place where Alexandre is considered something of a hero. This makes the partnership hugely powerful for the Brazilian market. 

“But his fanbase is truly global, and we are excited to be making more people aware of the thrill ride Aviator provides via some great campaigns we have planned with Alexandre.” 

Alexandre “Cannibal” Pantoja, UFC Flyweight Champion and Aviator brand ambassador, added: “Aviator is all about high risk and high reward, and provides a thrilling experience from the moment you strap in and take flight.

“It really is a white-knuckle ride, and I’m excited about making my fans aware of Aviator and why it’s the number one crash game in the world.” 

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