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Lotto24 reports successful launch

New online lottery brokerage firm has registered total first-year revenues of €93,000 alongside €11.16 million in available funds.

Thursday 28th March 2013

Online lottery brokerage firm Lotto24 AG has published its first annual financial report since launching last month as an independent concern and revealed that it has met key milestones for sustainable future growth. Hamburg-based Lotto24 was spun-off from online gambling operator Tipp24 SE in February and stated that the previous twelve months saw it generate total revenues of €93,000 ‘although the regulatory environment hampered business development significantly’. The German firm declared annual transaction volumes of €1.08 million for 2012 while earnings before interest and tax were in the red to the tune of €4.28 million, which compared with a deficit of €308,000 in 2011. All of these left it with an annual net deficit of €3.06 million, which compared with a shortfall of €248,000 in 2011, while the firm said that it currently has €11.16 million in available funds for future investments. “In 2012 we fulfilled key prerequisites for nationwide business activities,” said Petra Von Strombeck, Chief Executive Officer for Lotto24. “We are now well prepared and positioned to go full speed ahead and take advantage of new market opportunities.” Lotto24 announced that it anticipates that further market liberalisations along with a price increase for its 6Aus49 lottery will lead to ‘a significant increase in lottery market revenues’ for 2013.

Source: OnlineCasinoNews

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