FDJ records 17% rise in 2024 revenue and announces rebrand

La Française des Jeux (FDJ) has posted full-year 2024 revenue of €3.1bn, representing a year-on-year (YoY) increase of 16.9%, as the French giant also announced a rebrand today, 6 March.

The group has rebranded as FDJ United following October’s €2.5bn acquisition of Kindred Group, as well as deploying a new, simplified four-division structure for the business.

The group’s recurring EBITDA total for the year sat at €792m, a YoY climb of 20.6% when pitted against 2023’s total, resulting in a margin of 25.8%. 

In terms of divisional contribution to group revenue, the monopoly on the French lottery and retail sports betting in the country amounted to €2.5bn in revenue, with EBITDA sitting at €886.7m.

Within the arm, retail lottery revenue was up 5.8% to €2.1bn, aided by the success of products such as Ticket d’Or and Maxi Black Jack. 

FDJ United’s digital lottery efforts in France saw growth of more than 20%, with the increase attributed to a rise in the number of players, which now sits at over 5.6 million users. 

Additionally, a surge in popularity for FDJ United’s exclusive web games also means that online lottery revenue now makes up just under 14% of all lottery revenue. 

French retail sports betting revenue amounted to €453m, buoyed by Euro 2024, the new Champions League format and the Olympic Games held in Paris last summer.

Online sports betting and gaming across Europe produced revenue of €1bn, with casino accounting for 51% of the total.

In France, an increase in the number of players, spurred by cross-selling opportunities, meant that FDJ United’s market share has surpassed the 20% mark. 

In both the Netherlands and the UK, stricter regulatory measures such as affordability checks being enforced towards the back end of the year did not thwart what was a strong 2024 for the group in both markets. 

International lottery revenue, mainly derived from Ireland, was posted at €190.5m, while the operator’s payments and services segment generated €64.4m in revenue.

The French firm noted that had the Kindred merger been finalised by 1 January 2024, the group would have generated an estimated combined revenue of €3.8bn and recurring EBITDA of €964m, alongside a corresponding margin of 25.5%

FDJ United added that Kindred’s 2024 performance was “in line with expectations”, recording €918m in revenue and recurring EBITDA of €223m.

FDJ United also laid out the revenue split for its operations, with 74% of revenue still coming from France. Additionally, 66% of revenue derives from its monopoly products, and 65% of total revenue is retail sourced.

The state-owned firm also published its outlook for 2025, which notes that it is targeting revenue of around €3.8bn, alongside an EBITDA margin of more than 24%. 

Those target figures take into account betting and gaming tax hikes in France, which will see operators taxed at 15% on advertising and promotional expenditure and is set to cost FDJ United €45m. 

Similarly, stricter regulations in the Netherlands are also expected to come at a €10m cost to the group. Kindred’s Unibet brand is pegged as the market leader there.

The firm noted how it will increase its omnichannel offering efforts this year, enabling FDJ.fr account holders to play both online and in retail locations. 

FDJ United has added that it expects its sports betting and online gaming division to decline slightly this year due to the combined impact of tax increases and stricter regulation in key markets. 

However, there are expected highlights for the arm, which is now led by former Kindred Group CEO Nils Andén, despite an expected decline in margin.

Kindred’s 32Red brand, which is live in the UK, is set to be deployed in other markets and will migrate to a proprietary platform.

The Kindred Sportsbook Platform will continue at pace, and bosses also highlighted preparations for Finland moving to a multi-licence model in 2026. Management also noted that a further €50m in synergies could be on the table.

Stéphane Pallez, chairwoman and CEO of FDJ, said: “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.” 

Reflecting on the rebrand, Pallez remarked: “The betting and gaming sector is constantly evolving, both in France and abroad.  

“In this environment, we have always succeeded in reinventing ourselves and adapting to key trends in our market. The group’s IPO in 2019 marked the start of a new stage in this journey, and the recent acquisition of Kindred opens up even more new possibilities.  

“Today, our group begins a new chapter in its history – more diversified and more international. With FDJ United, we are continuing on this adventure, driven by our passion and determination, for the benefit of all our stakeholders.” 

At the time of writing, FDJ United’s share price has slumped 10% since market open, currently sitting at €33.80.