German online lottery brokerage Lotto24 has posted a net loss of €7.5m for the first half of 2014, with the company’s results burdened by high advertising costs and an increase in operating expenses.

Lotto24 said that despite a “more challenging” market environment compared to last year, the company succeeded in stabilising and improving its results with revenue soaring 411 per cent to €3.4m, from total billings of €36.7m.

At the end of the period, the company had 372,000 registered customers, with 135,000 new customers added during the period. Lotto24 remains on track to meet its target of 300,000 new registered customers in 2014.

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