FDJ United revenue reaches €1.87bn in H1 2025, down 1.7% on restated basis

Key points: 

– Group revenue rose 30.7% year-on-year to €1.87bn, but declined 1.7% on a restated basis

– Net income dropped 36.2% to €136m due to tax and financing impacts

– Online betting and gaming revenue fell 11.5%, with notable declines in the UK and Netherlands

FDJ United, the French betting and lottery operator formerly known as La Française des Jeux, has published its H1 2025 financial results, posting total revenue of €1.87bn ($2.15bn). This marks a 30.7% year-on-year increase based on reported figures.

However, revenue fell 1.7% on a restated basis that assumes the Kindred acquisition occurred at the start of 2024.

Recurring EBITDA stood at €441m for the period, down from €493m on a restated basis, resulting in a margin of 23.6%.

Group net income declined 36.2% to €136m, driven by a one-off tax contribution of €21m in France and debt servicing costs related to the Kindred acquisition. Adjusted net income, which excludes these exceptional items, was €222m, a decrease of 5.4%.

Mixed performance across verticals and markets

Revenue from the group’s French lottery and retail betting activities totalled €1.29bn, an increase of 3.6%. Lottery revenue alone reached €1.07bn, up 5.8%, supported by strong performance in draw-based games and the launch of Royaume d’Or.

Retail sports betting revenue declined 6.2% to €225m, with FDJ citing the impact of unfavourable sporting results despite a 3.6% rise in total stakes. iLottery revenue rose 15.8% to €160m, now accounting for 15.1% of group turnover.

Online betting and gaming revenue decreased 11.5% to €466m, largely due to regulatory changes and market conditions in the UK and Netherlands. Excluding these two markets, online revenue increased by 4.5%.

Good to know: FDJ United expects online segment performance to improve in the second half due to lower comparatives and renewed promotional activity in regulated markets

International lottery and services remain stable

Revenue from international lottery operations fell 16.9% to €80m, following the sale of Sporting Group and a lower jackpot cycle in Ireland. The group’s payments and services division remained flat at €31m.

Recurring operating income declined 13.2% to €270m. Group tax expense rose from €77.6m to €90m, reflecting the temporary corporate contribution applied to large French companies. Net financial debt stood at €1.96bn as of June 2025, compared to €1.82bn at year-end 2024.

Strategic context and corporate transformation

The results reflect the first full half-year reporting period under the new FDJ United corporate structure. The group has reorganised its operations into four divisions: French lottery and betting, online betting and gaming, international lottery and payments and services.

In March, the group announced its rebrand from FDJ to FDJ United following the acquisitions of Kindred, Premier Lotteries Ireland and ZEturf. A new brand identity was introduced to consolidate these activities across European markets.

Looking back

FDJ reported FY2024 revenue of €3.07bn and net profit of €399m, following the integration of Premier Lotteries Ireland and ZEturf. At that time, the company also initiated the €2.5bn acquisition of Kindred, completed later that year. The European Commission confirmed the transaction was compliant with state aid rules.

FDJ United will publish its Q3 2025 revenue results on 15 October.