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ZEAL achieves growth of more than 40 percent in revenue and earnings in the first half of 2024
ZEAL Network SE, the leading German online provider of lottery products, continued its strong growth path in the first half of 2024 with strong growth in revenue and EBITDA. Group revenue increased by 40 percent and reached € 76.8 million (2023: € 54.8 million). EBITDA increased even more strongly by 46 percent to € 20.1 million (2023: € 13.8 million).
“The very strong development of revenue and EBITDA reflects our excellent operating performance. We are particularly pleased that we have been able to acquire over half a million new customers since the beginning of the year. The acquisition of new customers has not only been exceptionally successful this half year, but also particularly efficient thanks to the significant reduction in acquisition costs per registered new customer. We are thus benefiting from the continuous investment in brand development in recent years,” says Sebastian Bielski, CFO of ZEAL.
Revenue in core business grows by 33 percent
ZEAL’s significant revenue growth in the first half of the year is primarily due to the strong development of the lottery business. Here, billings increased by 23 percent to €507.1 million, while revenue rose by as much as 33 percent to €68.0 million (2023: €51.2 million). The strong increase in billings is due to the 21 percent increase in the average number of active customers (1,353 thousand) and the 2 percent increase in the average billings per active user to € 62.48. In addition, ZEAL improved the gross margin in the lottery business to 13.4 percent (2023: 12.5 percent) thanks to a change in the product mix and further margin optimizations.
The games business, which was launched in June 2023, continued to develop positively in the second quarter of 2024 compared to the first quarter with solid revenue growth and a higher gross margin.
Strong result thanks to significant customer growth and lower acquisition costs
ZEAL once again significantly expanded its customer base in the first half of 2024 in a generally favorable jackpot situation. The number of registered new customers rose by 70 percent to 592 thousand (2023: 349 thousand), the second-highest figure in ZEAL’s history. Acquisition costs per registered new customer (cost per lead, CPL) fell by 26 percent year-on-year to € 33.20 (2023: € 45.09). Due to the company’s strategic decision to use the good jackpot situation in the first half of the year to accelerate customer growth, marketing expenses increased by 28 percent year-on-year to € 25.5 million (2023: € 20.0 million). Due to the high number of new customers and the growth in the games business, direct operating costs also increased to € 8.6 million (2023: € 5.4 million), while other operating expenses rose to € 42.8 million (2023: € 31.6 million).
At € 20.1 million, EBITDA was 46 percent higher than in the same period of the previous year (2023: € 13.8 million) due to the significant growth in sales and improved cost efficiency compared to the previous year. At € 16.1 million, EBIT even exceeded the previous year’s figure (2023: € 9.3 million) by 73 percent.
Due to the good results in the first half of 2024, ZEAL confirms the forecast published on March 20, 2024.
ZEAL launches first house raffle in Germany
As announced a few months ago, ZEAL launched another charity lottery on 01 August 2024, namely Traumhausverlosung. It is the first raffle in Germany in which participants have the chance to win a fully furnished dream house. Each house is guaranteed to be raffled off regardless of the number of participants. Participants also have the chance to win numerous additional prizes.
The post ZEAL achieves growth of more than 40 percent in revenue and earnings in the first half of 2024 appeared first on European Gaming Industry News.
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From ‘Mummyverse’ to Crash Games: Belatra Reviews a Landmark 2025
Editor’s Take
Why this matters: Belatra has been a steady hand in the slots world for a long time, but 2025 marked a distinct shift in strategy. By entering the Crash vertical with Goose Boom Bang and winning big at SiGMA Africa, the studio is clearly pivoting to capture the high-growth, high-frequency players in emerging markets. They are no longer just a “classic slots” developer; they are diversifying the portfolio to ensure relevance in regions like LatAm and Africa.
The Full Story
Belatra Games, the specialist online slots developer, has issued a strategic review of its 2025 operations, celebrating a 12-month period defined by entry into new game verticals, significant franchise expansion, and high-profile industry recognition.
The year was characterized by a dual strategy: deepening engagement in established markets while aggressively expanding its content portfolio to suit local preferences in emerging territories.
Portfolio Evolution: Crash and Battles 2025 saw Belatra move beyond its traditional slot roots. The company made its debut in the high-demand Crash game vertical with the launch of Goose Boom Bang, a title designed to tap into the fast-paced gameplay preference of younger demographics.
Additionally, the studio introduced a fresh game concept with the launch of Battles, a new format unveiled for the first time in 2025, with further development planned for 2026.
The ‘Mummyverse’ Expands For fans of classic slots, the highlight of the year was the aggressive expansion of the Mummyverse. Belatra nearly doubled the size of this franchise over the year, making it the most extensive game universe in their entire catalog.
The developer also focused on B2B localization, releasing a number of exclusive bespoke games created specifically for selected operator partners to meet specific local market tastes.
Awards and Recognition The company’s strategic shifts were validated by industry accolades. Belatra secured over 30 nominations throughout the year, with standout wins including:
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Best Slot Provider (awarded by BitStarz).
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Most Played Game of 2025 for Make It Gold at the SiGMA Africa Awards.
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Player’s Pick Award.
Management Commentary Misha Voinich, Head of Business Development at Belatra, commented on the studio’s momentum:
“This year has truly defined who we are as a studio – ambitious, creative and focused on building long-term partnerships. We’ve expanded our universes, launched new ones and entered exciting new markets that will all help us carry this momentum into the New Year.”
The post From ‘Mummyverse’ to Crash Games: Belatra Reviews a Landmark 2025 appeared first on Gaming and Gambling Industry Newsroom.
Latest News
‘Chaos and Soul’: Ebaka Games Plots Global Expansion After Viral Launch
Editor’s Take
Why this matters: The “Instant Game” vertical (Crash, Plinko, Mines) is becoming crowded, but Ebaka Games is cutting through the noise with a distinct brand personality. By securing BMM Testlabs certification so quickly after launch, they are signaling to Tier 1 operators that despite their “chaotic” marketing vibe, the math underneath is solid and compliant. The backing of industry veteran Dmitry Belianin also adds immediate commercial credibility to the startup.
The Full Story
Ebaka Games, the fledgling studio that promises to bring “chaos and soul” to the iGaming sector, has outlined an aggressive growth strategy for 2026 following a landmark launch period in late 2025.
The studio, which officially debuted in November, reports that its initial rollout reached more than five million people worldwide. The launch saw its portfolio go live with the operator Menace, serving as the initial testbed for its mechanics and “Ebaka modes.”
The Product: Instant Games with Personality Ebaka is bypassing traditional slots to focus on the high-growth vertical of fast-paced, instant-win games. Their initial lineup includes:
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Plinko
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Mines
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Tower
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Limbo
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Crash
Differentiation is achieved through unique mascots and signature gameplay tweaks designed to offer high win potential and distinct visual identities, moving away from the generic interfaces often found in this genre.
Regulatory Milestone Crucially for its 2026 roadmap, Ebaka Games has confirmed it has secured certification from BMM Testlabs. This accreditation validates the fairness and integrity of its RNG (Random Number Generator) and game engines, removing a major barrier to entry for regulated markets. With this certification in hand, the studio plans to launch with a number of “major brands” in the coming year.
Management Commentary Vitalii Zalievskyi, CEO of Ebaka Games, commented on the studio’s unorthodox approach:
“It’s only been a few weeks since we first introduced Ebaka Games to the world. The feedback has been breathtaking, and it vindicates the decision for us to take a different path to the rest of the industry. You don’t need huge marketing budgets to grab people’s attention if you are building something truly innovative.”
Industry Backing The studio describes itself as being “created by players for players” but boasts significant industry firepower in its corner. The team includes Dmitry Belianin, a well-known figure in the sector who is the co-founder of Blask and Menace, as well as Managing Partner at Already Media.
The post ‘Chaos and Soul’: Ebaka Games Plots Global Expansion After Viral Launch appeared first on Gaming and Gambling Industry Newsroom.
Latest News
Racing Meets Nightlife: SBK Backs ARC’s New ‘Friday Night Live’ Series
Editor’s Take
Why this matters: British racing has a well-documented demographic problem; its core audience is aging. “Friday Night Live” is a direct attempt to fix this by blending high-stakes racing with the “experience economy” (DJs, nightlife vibes) that appeals to Gen Z and Millennials. Bringing SBK on board—a mobile-first, app-only sportsbook—is a perfect demographic fit, while the Racing Post adds the necessary credibility to ensure the actual racing product remains the focus.
The Full Story
Arena Racing Company (ARC) has unveiled the strategic commercial lineup for its upcoming Friday Night Live series, confirming SBK as the Exclusive Betting Partner and The Racing Post as the Official Media Partner.
Set to launch in January 2026, Friday Night Live is a new initiative created in collaboration with youth-focused events company INVADES. The series is designed to overhaul the traditional race day experience, featuring fast-paced fixtures under floodlights, DJ sets, and significant entertainment elements sandwiched between races.
The Commercial Deal
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SBK: As the exclusive betting partner, the Smarkets-owned sportsbook will take naming rights and on-course branding for all 35 races. Crucially, these races will be broadcast live on mainstream television via ITV Racing as well as Sky Sports Research.
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The Racing Post: As the Official Media Partner, the publication will provide content, coverage, and promotion across its digital platforms, aiming to bridge the gap between established racing purists and the new audience ARC hopes to attract.
A High-Stakes Experiment The series is not just a marketing exercise; it carries serious sporting weight. Each of the five scheduled nights will feature over £200,000 in prize money. The fixtures will rotate across three of ARC’s all-weather tracks: Wolverhampton, Newcastle, and Southwell.
Management Commentary David Leyden Dunbar, Group Director of Commercial Strategy at ARC, was clear about the target audience:
“We have been very clear that one of the aims of Friday Night Live is to engage the next generation of racing fans… Both [partners] have shown real enthusiasm to work with us… as well as using the platform that these fixtures will offer them to also engage with more established racing and sports fans.”
Adam Baylis, Marketing Director at SBK, added:
“Friday Night Live [is] a fresh and engaging concept that brings a new energy to British racing. SBK has always been built around sport… our focus is on enhancing the live race day experience in a fun, social and responsible way.”
The 2026 Schedule The series kicks off immediately in the new year:
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9th Jan: Wolverhampton
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6th Feb: Newcastle
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20th Feb: Southwell
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20th March: Wolverhampton
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27th March: Newcastle
The post Racing Meets Nightlife: SBK Backs ARC’s New ‘Friday Night Live’ Series appeared first on Gaming and Gambling Industry Newsroom.
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