German online lottery broker Lotto24 has reported a 38 per cent increase in revenue to €2.4m for the first quarter of 2015, with a reduction in marketing expenses helping the company to reduce net loss for the period.

Billings rose by 30 per cent to €19.2m during the quarter, despite less jackpots occurring compared to the same period last year. Revenue climbed 38 per cent to €2.4m, with a gross margin of 9.5 per cent, up from 9.0 per cent a year ago.

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