ZEAL revenue hit by €15m jackpot payout in Q1

ZEAL Network has cited the impact of a major jackpot payout from MyLotto24 as one of the main reasons behind a decline in revenue during the first quarter of 2017.

Revenue in the three-month period amounted to €23.6 million ($25.9 million), down from €37.6 million in the corresponding quarter last year, after MyLotto24 paid out a jackpot prize of €15 million to one lucky customer.

Total operating performance dropped from €38.6 million to €24.1 million, while earnings before interest and tax also fell from €14.2 million to €245,000.

Net profit was down from €8.7 million to €165,000, with earnings per share for the quarter standing at €0.02, compared to €1.04 in the same period last year.

Helmut Becker, chief executive of ZEAL, said: “Our journey continues; the launch of our online lottery betting product in Ireland as well as the new licences in Norway and the Netherlands prove that we are successfully expanding our business with locally tailored strategies.

“We continue to increase our footprint and bring our innovative and modern lottery products to an increasing number of customers.”

Related article: ZEAL to launch in Norway, the Netherlands