Lotto24 reveals revenue growth despite continued losses | iGaming Business

Lotto24 reveals revenue growth despite continued losses | iGaming Business

German online lottery operator Lotto24 has reported that it was able to achieve significant year-on-year revenue growth during the 12 months to December 31, 2015, despite having suffered from ongoing losses in the year.

Full-year revenue amounted to €13.5 million ($15.1 million), which represents an increase of 75% on the previous 12-month period, while billing also jumped by 67% to €136.3 million.

However, despite making various investments during the year, Lotto24 reported ongoing losses in terms of earnings before interest and tax (EBIT).

For 2015, EBIT came in at a loss of €13.4 million, an improvement on the €14.2 million posted in the previous 12-month period, but the fourth consecutive year of loss at the company.

Net results also improved from a loss of €16 million to a negative figure of €10.8 million.

Reflecting on the results, Petra von Strombeck, chief executive of the operator, said that Lotto24 had been able to expand its market leadership, as well as hit a number of key targets and exit its initial start-up phase.

In addition, Von Strombeck said that the brand is well positioned to post growth during the current 12-month period.

Source: Lotto24 reveals revenue growth despite continued losses | iGaming Business