Lotto24 - A leader in the online lottery market
Lotto24 extended its market leadership in 2016, with market share up from 26% to 31%. This demonstrates its core USPs: first mover advantage in the German online lottery market, management experience and marketing know-how. Despite a weak Q3, top-line growth remains strong (FY17 guidance of 10-15% billings growth). After heavy investment in technology and marketing, the business should reach FY17 EBIT break-even, with future profitability flexed according to jackpot opportunities. The stock has performed well but, in our view, there is plenty of upside, as online lottery continues to take a bigger slice of the overall German lottery market.Lotto24 AG is a Germany-based online broker of lottery products in Germany. The Company focuses on brokering lottery production through online, and offers its customers the possibility to participate in the state-licensed lottery products, including Lotto 6aus49, Spiel 77, Super 6, EuroJackpot and Glucksspirale. The Company also enters into gaming agreements with the respective gaming operator on behalf of, and in the name of, its customers. The Company's marketing comprises four main areas of Design, Sales, Customer Relationship and Product Management. The Design area is an internal service provider for the production of all forms of graphical end-customer communication, such as advertising banners and newsletters. The Sales area focuses on online marketing, campaign optimizing and tracking and online advertising market. The Customer Relationship area provides customer services. The Product Management creates possibility online letter experience for its customers.
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