SBC News Voice of the Sports Betting Industry
Française des Jeux (FDJ) has begun a ‘historic chapter’, transforming its corporate identity to ‘FDJ United’ to reflect its enlarged business, which now comprises the four units of French Gambling, European Online Gaming, International Lotteries, and IT & Payments technology.
This transformation coincides with the publication of FDJ’s full-year 2024 accounts, which saw the Paris EuroNext gambling group maintain growth across standard units.
Standalone accounts (excluding the Kindred M&A) show FDJ’s corporate revenues at €3.065bn, up 10% from FY2023 results of €2.62bn.
Trading on a margin of approximately 25%, FDJ declared standalone recurring EBITDA of €792m, up 21% on the 2023 comparative of €657m.
Headline growth reflected a 29% increase in FDJ lottery revenues to €2.1bn, buoyed by strong French sales of the new Ticket d’Or and new EuroMillions draw games.
Retail betting amounted to €453m, benefiting from the 2024 UEFA European Championships and the new format of the UEFA Champions League. The French Lottery and Retail Betting units were combined to form the FDJ home market unit, which declared a recurring EBITDA of €886m.
On a pro forma basis, including Kindred assets, FDJ United’s revenues stood at €3.78bn, combined with a recurring EBITDA of €964m.
An overview of Kindred results detailed a revenue decline to €918m (FY2023: €1.1bn) but an improved EBITDA of €223m compared to €205m recorded in 2023.
During the year, Kindred faced challenges, including the closure of its US business, the introduction of new player deposit limits in the Netherlands, and affordability checks in the UK.
Elsewhere, international lottery revenues totalled €190m, mainly relating to PLI, with the new units contributing recurring EBITDA of €25m, representing 13.1% of revenue.
Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ United, said: “FDJ United achieved a very strong performance in 2024. Following the integration of Premier Lotteries Ireland and ZEturf in 2023, the acquisition of Kindred opens a new chapter—more international and more diversified—in the long history of our Group.
With its position as a leader in betting and gaming in Europe, FDJ United has a sturdy base from which to pursue its strategy of creating value for the benefit of all its stakeholders, in keeping with its business model that combines performance and responsibility.”
As part of its French mandate, FDJ contributed €4.7bn in direct funding for public levies, protecting French heritage and funding the Agence Nationale du Sport (ANS).
Group accounts recorded higher operating expenditures, including marketing costs totalling €222m (related to the Paris 2024 Olympics) and administrative expenses (staff and integration) of €440m due to the increased headcount from ZEturf and Premier Lotteries Ireland, as well as the beginning of the Kindred asset integration.
FDJ closed FY2024 trading with a lower corporate net profit of €399m (FY2023: €425m). Leadership has initiated a Cost Reduction & Efficiency programme, aiming to secure €100m in cost-saving synergies.
Despite its expansion, FDJ United has provided a stable revenue guidance of €3.8bn for 2025, as the group navigates regulatory impacts.
As of now, 2024 recurring EBITDA is projected at over €900m, but this may change due to France applying new gambling taxes applied from 1 July (-€45m impact) and the introduction of higher tax fees in the Netherlands (-€10m).
As explained: “In 2025, FDJ United is targeting revenue of around €3.8 billion, with a recurring EBITDA margin of over 24%. Compared with the pro forma 2024 figures, revenue stability and the level of recurring EBITDA margin are due to:
A significant increase in taxes on betting and gaming—from 1 July in France, totalling nearly €45m, mainly affecting the French lottery and retail sports betting business unit, and from 1 January in the Netherlands, totalling over €10m—as well as the impact of tougher regulations, particularly in the Netherlands.”
