Zeal Network, the London-listed lottery brokerage has now regained control of their former subsidiary, Tipp24, while also adding the business to its German secondary lottery arm.
After the site being initially launched from the UK 10 years ago, Zeal lost control of Tipp24 due to a ban on brokering online lotteries in Germany at the time, but the brand is now able to serve the German market.
Working as an official partner of the German Association of State Lottery Companies (DLTB), Tipp24 will be brokering tickets for customers directly to German state lotteries.
Zeal came to set out plans which would regain control of Tipp24 upon the acquisition of its former subsidiary Lotto24. This would be done through an all-share public takeover in May this year.
The brokerage has also seemed to reclaim control of myLotto24, while also transforming its German secondary lottery business into a locally licensed digital lottery broker, which came with the idea of building on Lotto24’s stance in the German market.
Zeal chief executive Helmut Becker said: “We have fully implemented what we announced; as of today, Lotto24 and Tipp24 are reunited in the German brokerage business.
“We would like to thank the state lotteries and supervisory authorities for their trust and are convinced that we can lead the German lottery safely into the digital future as a partner of the state lottery companies.”
Coming along with the brokerage activities of the Lotto24.de, Tipp24.com and Tipp24.de brands, Zeal have now said that it generates income without the help of any bookmaking risk of its own. This has come to confirm that winnings are now guaranteed by the state and paid out by the state lotteries.
Zeal revealed that shareholders had voted to relocate its registered office in September, from the UK back to Germany. 99.9 per cent of the vote, voted in favour of the relocation back to Germany, which will go ahead before the end of October.
Zeal said the aim of the relocation is to facilitate the integration of the Zeal and Lotto24 divisions, as well as leverage the expected cost synergies.