In 2020, we plan to further expand our market leadership as an online provider of state lottery products with the Lotto24 and Tipp24 brands. Recognising that the prior-year figures are difficult to compare with the figures forecast for 2020 due to the inclusion of Tipp24's results from 15 October 2019 onwards in the course of the Business Model Change from a secondary lottery to an online lottery broker, we expect billings of between €550 million and €570 million in 2020. This includes Tipp24's full-year billings for the first time. With expected revenue of between €66 million and €68 million, we expect a gross margin slightly above prior year. Depending on the general conditions, especially the jackpot development, the timing of the implementation of the planned synergy effects and marketing investments for the acquisition of new customers, adjusted EBITDA will remain well above the break-even point. With a lower CPL compared to the prior year, Lotto24 expects a significant increase in new customers.

2020 20191
Guidance Actual
Billings (€ million) 550–570 366.5
Revenue (€ million) 66–68 44.1
Gross margin (%) Slightly above prior year 11.6
Adjusted EBITDA (€ million) Well above break-even 6.6
CPL (€) Lower than previous year 31.76
New registered customers (thousand) Significantly increasing number of new customers 397
1 Including Tipp24 beginning with 15 October 2019