ZEAL Network has reported a 35% year-on-year (YoY) increase in revenue for the first nine months of 2025 on the back of higher number of monthly active users and a “changed product mix”.

Revenue for the period amounted to €162.6m (£143.2m), up from €121m the year prior. Billings also grew in the first nine months of 2025 to €834m, up 12% YoY.

Breaking it down by vertical, lotteries revenue increased 35.7% YoY to €146m while igaming revenue spiked 51% YoY to €10.3m.

EBITDA also grew significantly, rising 54.7% YoY to €54.1m thanks to the revenue increase as well as “increased operational efficiency”.

Monthly active users (MAUs) for the period grew 17% YoY to 1.6 million, while average billings per user (ABPU) decreased 4% YoY to €58.98 because of a weaker jackpot development.

Despite the weaker jackpot development, new registered customers increased from 807,000 to 879,000, a 9% jump.

Cost per lead (CPL) for lottery operations did increase 31% YoY to €46.52, bosses noted.

ZEAL confirmed its igaming portfolio is now close to 600 games, with MAUs for the vertical jumping 38% YoY to 28,000.

Average revenue per user was also up 9% YoY to €41.06, which the operator said was “developing to a good level”.

In the third quarter alone, ZEAL said igaming achieved more than 30,000 MAUs on average for the first time.

On the back of a strong nine months, ZEAL Network upped its full-year 2025 revenue guidance from between €195m and €205m to between €205m and €215m.

EBITDA guidance also increased from between €55m and €60m to between €63m and €68m.

Andrea Behrendt, ZEAL CFO, said: “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.

“Across our core lottery brokerage business, charity lotteries and games, we are well positioned for further growth.”

The post ZEAL raises guidance on the back of double-digit revenue and EBITDA growth first appeared on EGR Intel.