FDJ FY24: Net profit down 6.2%, rebrands to FDJ United

Key points:

– Revenue increased 16.9% to €3.07bn ($3.31bn)

– Net profit fell 6.2% to €399m, but when adjusted by the company, this rose 13.1% to €490m

– FDJ has also rebranded to FDJ United

La Française des Jeux (FDJ), now rebranded as FDJ United, has published its full FY24 results.

The operator had previously released a smaller report, covering its revenue and EBITDA, which Gambling Insider provided coverage on.

The recurring operating profit hit €568m ($613m) which was an increase of 6.8% when compared to the figures from 2023.

The net profit fell 6.2% to €399m, but FDJ United insists that with its newly established indicators, the adjusted net profit actually rose 13.1% to €490m. These indicators included amortisation, the acquisition of Kindred and changes in tax.

Recurring EBITDA increased by 20.6% annually for a total of €792m. Stéphane Pallez, Chairwoman and CEO 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.”

Good to know: As part of the rebranding process, FDJ United will launch a media campaign primarily across France, Sweden and the UK to raise awareness of the change

In 2024, FDJ United started the process of acquiring Kindred in a deal worth €2.5bn and the European Commission concluded that no state aid was used when FDJ United went private and so the move was legally compliant.

For the year ahead, FDJ United has highlighted four distinct areas for its business: French lottery and retail sports betting, online betting and gaming, international lottery and payments & services.

Speaking of 2025, the company has also rebranded to FDJ United following its acquisition of Kindred, Premier Lotteries Ireland and ZEturf over the past few years, although the company will continue to be known as FDJ in France as it’s widely recognised as such.

Players in France will continue to see the FDJ logo on products, while FDJ United brands will have a new logo comprised of a diamond in a circle.

The new brand signature will be “Playful. Play fair. Play forward.” which will apply to all FDJ United brands.

Nathalie Le Garlantezec, FDJ United Chief Communications Officer, said: “To kick off this new European chapter in our story, we needed a powerful new identity.

“Our new name, FDJ United, is a corporate brand designed to showcase what we stand for, together with our new brand signature: “Playful. Play fair. Play forward.”

“Alongside FDJ United, we will of course continue to operate the brands that have made us what we are today. In particular, the FDJ brand will remain the face of the business for our customers in France, for our lottery games and our sports betting range at points of sale.

“Rounding out our business portfolio are other powerful brands such as The National Lottery in Ireland and Unibet across Europe.”

With so many brands now ‘United’ by FDJ and the company committing itself to becoming an international giant, it’s only fair to compare its growth to other major operators in the industry.

Flutters latest FY24 results reported a 19% increase in growth to $14.05bn, although the company is remaining secretive about its potential bid for the Italian lottery licence.

Net income for Flutter grew 113% to $162m while adjusted EBITDA increased by 26% to $2.4bn.

As for Entain, this company saw a 7% increase in revenue to £5.16bn ($6.66bn), although there are still some concerns about its former CEO Gavin Isaacs’ sudden resignation a few weeks ago.

Gross profit for Entain was up 7% to £3.12bn, but net loss for the year was £461m.

While FDJ United is now at half the revenue of Entain, it does have some new brands under its belt, so it will be interesting to see whether the French operator can close the gap this coming year.