Zeal Network co-founder Marc Peters leaves supervisory board

Peters will be replaced by Kenneth Chan.

UK.- The London-listed lottery group Zeal Network has announced that its co-founder Marc Peters has left his role on its supervisory board. Peters, who owns 4.46 per cent of Zeal’s stock, will be replaced by Kenneth Chan.

Chan, who is managing director of the London-based hedge fund manager, Working Capital, has been appointed to the position on an interim basis by the Hamburg Local Court until Zeal’s annual general meeting.

Zeal brokers tickets for state lottery and charity lotteries in Germany via Lotto24  and Tipp24. Peters co-founded Zeal in 1999 and returned to the company as a member of the supervisory board in June 2019 after its acquisition of Tipp24, which had been spun off in 2012.

Zeal’s supervisory board oversees the work of the management board and approves key measures. Peters was also a member of the investment committee and special committee. He has been managing director of German real estate company Haus & Hof Hamburg since 2012 and is a partner at Elbe Venture Capital.

Zeal reported that Revenues grew by 14 per cent to €74.5m for the first three quarters of the financial year. EBITDA was up by 25 per cent at €22m and transaction volume rose by 10 per cent to €544.4m.

Last year, Zeal Network implemented artificial intelligence (AI) identity verification technology to better protect minors from gambling harm. It reached a deal to use technology from online security provider Nect.