FDJ Q1 2024; total revenue up 7%, 1.1% on a like-for-like basis

The operator also acquired 2.4 million Kindred shares during the quarter.

FDJ Q1 2024
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La Française des Jeux (FDJ) has released its financial results for the first quarter of 2024. In total, group revenue came to €710m ($755.6m), up 7% from the €662m reported this time last year. However, on a like-for-like basis, this reflects growth of a marginal 1.1%. 

In total, gaming revenue in France was up 3% at €645m, with online games accounting for €100m of FDJ’s total quarterly earnings; 15% of its total gaming revenue.  

The most significant growth metric was reported from other activities, which include payment and services and international operations. This segment grew 77.4% from Q1 2023’s €37m to this year’s €65m, though on a like-for-like basis, €65m reflects a decline of 3.7%. 

Sports betting and competitive online gaming was up 9.5% year-on-year at €141m, or 0.9% when excluding Zeturf, which was acquired in October and later integrated.  

Lottery remained the largest contributor to overall group revenue at €504m, up 1.4% from last year's €497m. Part of this growth was attributed to the €5 ticket (Ticket d’Or) which was launched in January, though it was also noted that, were Amigo to be excluded from the results, lottery revenue would be up 4%.  

Tender offer for Kindred 

FDJ’s tender offer for Kindred went live on 20 February, after the operator announced its intention to acquire the company in a €2.6bn buyout in late January. It published its intention to acquire the company later in February, with Kindred’s shareholders approving amendments to facilitate the acquisition in March.  

During Q1 FDJ acquired 2.4 million Kindred shares for SEK 294m ($26.7m), with the operator now holding 1.12% of Kindred’s outstanding shares while irrevocable commitments, including New York-based investment firm Eminence Capital, now represent 26.8% of outstanding Kindred shares.

FDJ Chairman and CEO Stéphane Pallez recently spoke exclusively to Gambling Insider.

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