FDJ United Q1: Revenue at €925m; international lottery down 21.8%
Changes in tax rates, European football competition formats and products sold at shop registers have all made their impact on FDJ United’s figures this quarter.
Key points:
– FDJ United notes a 1.4% drop in revenue this quarter when compared to last year’s figures
– However, the company emphasises this would be a 30% increase when reflecting the integration of Kindred
– Unfavourable conditions in the UK and Netherlands also impacted online betting and gaming figures
FDJ United has published its Q1 figures for the first quarter of 2025.
Revenue fell 1.4% annually to €925m ($1.05bn) on a pro forma basis.
The French lottery and retail sports betting segment increased by 3.6% to €640m, which was supported by a 6% increase in stakes.
When looking into how players bought their tickets, retail point-of-sale revenue increased 2% to €561m, with stakes increasing 5%.
Increases in retail revenue can perhaps be attributed to the launch of instant games available at tills in February, an increased range of football bets from the new format of European competitions and the success of French clubs this quarter.
Online lottery revenue increased 14% when compared to Q1 last year, with the revenue from this sitting at €79m. This increase now means that online sales account for 15% of the French lottery revenue.
The online betting and gaming section took the largest hit in revenue, dropping 9.8% to €231m. This is despite 5% growth in player numbers when compared to Q4 2024 and a 10% increase from Q1 2024.
FDJ United points to tougher regulations in the United Kingdom, as well as a “sharp increase” in taxation in the Netherlands – from 30.5% to 34.2% of gross gaming revenue.
In the Netherlands alone, there was a 41% drop in revenue and FDJ United has also pointed out this has led to channelisation rates in the jurisdiction falling to below 50%.
The company notes that without the UK or Netherlands, online betting and gaming revenue would have increased by 8%.
Good to know: FDJ United is comprised of FDJ and Kindred, following the latter’s €2.45bn acquisition in October last year
Stéphane Pallez, FDJ United Chairwoman and CEO, said: “FDJ United’s performance in the first quarter is in line with the trajectory planned for 2025.
“Against the backdrop of tougher regulation and taxation in some of its markets, it reflects good momentum in points of sale and an increase in the number of online active players in all its markets.
“Beyond this, the Group is fully committed to the transformation associated with the implementation of its international and digital strategy.“
The rebranding strategy was unveiled in FDJ United’s FY24 results, where the company also detailed its four main focuses for the year ahead.
The international lottery took a 21.8% decrease, but this translates to €38m in revenue when compared to €49m last year. FDJ United attributes this decrease to “an exceptional number of Lotto jackpots being won.”
Finally, payments and services grew by a marginal 0.6% to €16m.
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