Taking time out of meetings and panels at ICE Barcelona, ZEAL Network CEO Stefan Tweraser is reflecting of his first 100 days with the company.
Not only has he spent that time getting to know his staff at the online German lottery brokerage, which celebrated its 25th anniversary last year, Tweraser is learning about an industry he is stepping into for the first time.
New to the sector, the former Google and Deezer head has “hit the ground running”, in his words, as he attempts to follow in the footsteps of Helmut Becker – who announced last March he was stepping down after a decade in charge, while remaining on hand until the end of January to get Tweraser up to speed on all things ‘ZEAL’.
Financially, ZEAL continues to go from strength to strength. In its earnings report for the first nine months of 2025, group revenue and EBITDA both achieved double-digit growth. Revenue increased 34% year on year (YoY) to €162.6m, while EBITDA jumped 55% YoY to €54.1m.
The revenue gain was put down to strong performance of the lottery business, while its games division also continued to grow since its inception in June 2023. At the time of its publication, games revenue stood at €10.3m, up from €6.8m in the same period in 2024.
Already with over three months under his belt at the operator behind LOTTO24, Tipp24 and charity lotteries freiheit+ and Traumhausverlosung, Tweraser sat down with EGR for not only his first industry event but for the first time speaking to the trade press.
EGR: Former CEO Helmut Becker stepped down last September after his 10-year stay with ZEAL. What lessons and advice did he give you before you took over?
Stefan Tweraser (ST): The handover process was excellent. Helmut provided insights into ZEAL’s compelling history, with more than 25 years of experience culminating in a company defined by distinctive strengths and a strong market position. Receiving this perspective directly from Helmut, who‘d been with ZEAL for over a decade, was particularly valuable.
Secondly, his introduction to the industry provided valuable insight into what truly matters and what does not, and sparked discussions around future ambitions. I have the privilege of building on the legacy of an exceptional leader who has been instrumental not only in ZEAL’s development but in shaping the lottery sector as a whole.
He also provided valuable insight into the role of innovation in creating our own successful lottery products, as well as how this approach can develop in the future – topics we discussed in depth.
EGR: Given your experience with Deezer and Google, what skills can be transferred from those positions to this one?
ST: Two skills translate particularly well. The first is deep ecommerce experience, which is highly relevant for ZEAL – ranging from building digital products to designing customer journeys that serve both highly experienced users and those engaging online for the first time, including customers new to setting up an online subscription.
The second is leadership. ZEAL benefits from a strong culture built by exceptional leaders, and stepping into this environment with experience from Google, Deezer, McKinsey and others has enabled me to integrate quickly, build on existing strengths and contribute value from day one.
EGR: Having been in the role since September, how have you found the first few months?
ST: The first few months have been extremely positive. ZEAL is a highly successful company with significant growth potential, a strong team, a distinct culture and a robust business model. For me, it feels like a jackpot situation.
From the outset, discussions with the supervisory board were not about simply executing a predefined strategy. Instead, the focus was on spending time with the team, gaining a deep understanding of the industry and the business and then identifying how we can build on our existing strengths. The first 100 days have provided a strong foundation for what we can develop going forward.
EGR: What do the board and shareholders expect of you?
ST: The board and shareholders expect me to build on ZEAL’s existing strengths across three key areas.
First, ZEAL has a proven ability to develop successful lottery products. This is evident in our online brokerage business as well as products such as freiheit+ and Traumhausverlosung [luxury house prize draw competition]. Our deep understanding of the regulatory environment enables us to innovate responsibly, and a key expectation is to continue developing new product ideas together.
Second, ZEAL excels at operating at scale. Our platform allows us to launch new products quickly and efficiently. Together with our chief technology officer, Paul Dingwitz, a central mandate is to further enhance this scalability – enabling us to enter new markets and new business areas with speed and flexibility.
Finally, there is a clear focus on strengthening our performance marketing capabilities. We have built an engine that delivers strong, profitable results across different jackpot environments. Ensuring that this engine continues to grow in both stability and scale is a key priority.
EGR: What were your priorities for the business when you first arrived?
ST: My first priority was to get to know the team. ZEAL has an exceptional leadership group, including many colleagues who have been with the company for 10 to 20 years and bring deep institutional knowledge. At the same time, the organisation is growing rapidly. Last year alone, we welcomed around 100 new colleagues.
A second key priority was to gain an understanding of how our products meet customer needs. Innovation must be viewed through the lens of the customer; even efficiency gains only qualify as meaningful innovation if they deliver clear customer value.
EGR: Sticking with innovation and understanding your customer base, you expanded into the virtual slots and instant win games space a few years ago. What plans do you have to continue the success ZEAL has had with these launches?
ST: While I can’t comment on specific future plans at the moment, it is important to recognise that ZEAL is not only competing within the online lottery space but also for customers’ attention against a wide range of digital entertainment brands. Building trust is therefore critical. We need to earn the right to engage customers and encourage meaningful interaction with our brand, which will ultimately drive willingness to play.
While classic lottery products remain highly relevant, they are largely driven by the aspiration of a major win. Our newer formats enable a different type of engagement, opening up a dialogue with new customer groups and appealing to alternative motivations that may not traditionally be associated with lottery play.
EGR: Looking back at your first nine months of 2025 financial results, “great operational efficiency” was mentioned as a key driver alongside revenue growth. Can you expand on this?
ST: Looking at our 9M 2025 results, operational efficiency primarily refers to the strength of our EBITDA margin. Our business model is highly scalable, which means we are able to grow revenue without having to adjust our cost base at the same pace.
As our top line increases, a large share of that growth flows directly through to our bottom line. This operating leverage is a key characteristic of ZEAL’s business model and allows us to improve profitability while continuing to invest in growth, innovation and responsible gaming.
EGR: Your customer base continues to expand, with new registered customers increasing 9% YoY. What do you attribute this expansion to?
ST: The expansion of our customer base is driven by increased marketing efficiency and the strong performance of our Traumhausverlosung brand, which recorded significant growth throughout the first nine month of 2025. The product has proven highly effective in attracting new customer segments and expanding our overall reach.
While our traditional lottery products and freiheit+ also continue to grow, Traumhausverlosung has been one of our most important growth engines when it comes to new registrations, demonstrating the power of innovative formats to complement and strengthen our core lottery business.
EGR: When EGR spoke with Helmut last year, he mentioned the use of AI for player protection and marketing. What ways do you plan on using AI going forward?
ST: A great deal has evolved over the past year and AI is now embedded across several areas of the business. First, we use it to strengthen and improve our core development processes. For our technology teams, AI has become an effective tool for handling essential but less creative tasks such as quality assurance, significantly increasing speed and efficiency.
Building on what Helmut previously outlined, AI also plays an important role in responsible gaming. We use it to identify player patterns that may indicate problematic behaviour and to proactively guide customers towards appropriate support. The focus is not on simply restricting access but on helping players understand and reflect on their own behaviour in a constructive way.
In addition, AI supports our customer service operations through our AI-powered chatbot, Lotti24. It helps address a wide range of customer needs – from experienced players with complex payment questions to new customers seeking guidance on product selection. By gathering relevant information upfront, the chatbot enables our customer service agents to resolve issues more quickly and effectively when escalation is required.
More broadly, AI is a natural enabler across ZEAL as a digital business. Rather than a standalone innovation, it is increasingly integrated into many of our processes, including areas such as legal, where it helps accelerate contract reviews and approvals.
EGR: What are your long-term plans for ZEAL with you at the helm?
ST: While I’m unable to make forward-looking statements, there are several structural trends that are clearly relevant for ZEAL. Online market share in Germany continues to grow, and supporting the ongoing shift from offline to online channels remains a key priority – ensuring that ZEAL continues to benefit from this development.
In addition, we have built a successful games business. Continuing to develop innovative games that customers enjoy, while ensuring responsible play and enhancing the overall entertainment experience, will remain central. This also includes the continued development of new lottery formats such as freiheit+ and Traumhausverlosung. Across all three areas of the business, we see significant potential for further growth.
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Stefan Tweraser discusses his first 100 days in the top job, the role AI plays at the online lottery brokerage, and why the likes of Netflix and Disney are also competitors
The post ZEAL Network’s CEO: In the battle for customers’ attention, trust is critical first appeared on EGR Intel.