German online lottery broker Lotto24 has reported an 85 per cent increase in revenue to €4.4m for the first quarter of 2016, with the company benefiting from strong growth in new customers and significantly reduced customer acquisition costs.

Billings rose by 66 per cent to €41.4m, helping revenue climb to €4.4m on the back of a 13 per cent improvement in gross margin, up from 9.5 per cent a year ago to 10.7 per cent.

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