Provider of online lottery products to German state and charity lotteries ZEAL Network announced today changes to its Supervisory Board, adding Kenneth Chan to replace Marc Peters.
Appointment on an Interim Basis
According to the official announcement, the Hamburg Local Court has appointed Chan as a new member of the Supervisory Board at ZEAL at the request of the Executive Board and Advisory Board of the company.
Chan, who is the Managing Director of the London-based hedge fund manager Working Capital and holds a diploma from Yale University, will fill the void left by the departure of ZEAL Peters on an interim basis until this year’s Annual General Meeting after the co-founder and ZEAL shareholder has resigned from his position.
Peters has been on ZEAL’s Supervisory Board since 2019 when he returned to the company he had co-founded in 1999. He was among those who were the most vocal in support of the combination with Lotto24 in 2019 and even issued a letter to the company to express his support for the transaction.
Prior to re-joining ZEAL, Peter served as the Managing Director of Haus & Hof Hamburg, a local real estate company he joined in 2012 and was a partner at Elbe Venture Capital. At ZEAL, Peters also served on the Investment and Special Committees.
Newly-appointed member of the Supervisory Board Chan joins the likes of Thorsten H. Hehl and Jens Schumann who are also serving as members of the board chaired by Peter Steiner, with Oliver Jaster serving as Deputy Chairman.
The Supervisory Board of ZEAL Network is responsible for advising and overseeing the work of the management board, as well as participating in the process of approval for important measures for the business.
Local Lottery Market Presence
ZEAL Network began operating as a German lottery broker under the name Tipp24 and in 2005 went public on the Frankfurt Stock Exchange as one of the most successful public offerings at the time.
Following the acquisition of Lotto24 AG in 2019, ZEAL Network became one of the leading German lottery providers on the internet, brokering lottery tickets to state and charity lottery operators through its Tipp24 and Lotto24 portals.
ZEAL brokers tickets from LOTTO 6aus49, Spiel 77, Super 6, Eurojackpot, GlücksSpirale, lottery clubs, Keno, the Deutsche Fernsehlotterie, Scratch Games, the Deutsche Traumhauslotterie and freiheit+.
In November, ZEAL issued a trading update for its financial performance for the third quarter and first nine months of 2022 and revealed that the business has registered a 14% increase in revenue out of a 10% increase in transaction volume, attributing the growth to jackpots.