Tipp24 to rebrand as Zeal Network
Operator proposes name change to "reflect wider strategic focus" as a B2B supplier as well as B2C lottery brand
London-based lottery operator Tipp24 is set to rename as Zeal Network to reflect a series of changes the firm has made to its “wider strategic focus”.
The firm has called an Extraordinary General Meeting for 19 November with the sole purpose of renaming the business and, should a majority of shareholders approve the proposal, the new title would come into effect within a few days.
“Renaming the company Zeal is the next logical step for our business: it reflects the broader focus of our company and it captures perfectly our aspiration to create a better world of lottery,” Hans Cornehl, CEO at Tipp24, said.
Tipp24 has expanded beyond its flagship B2C business in recent years with the establishment of B2B arm Lotto Network to provide platform and marketing services to other operators and state lotteries.
The company also launched its US-facing venture Lottovate last month to target a market that it considered to have been neglected until now.
In August Tipp24 cited costs associated with the launch of its US business with a second consecutive major slump in net profit, following on from a near profit wipe out in Q1 with a 90% drop in Q2 net profit to 1.5m.
The company reduced its EBIT forecast for the year to between 15m-25m having previously expected to achieve EBIT of up to 35m.