FDJ United Sees 30% Revenue Growth in Q1 2025

Solid Growth in Lottery Sales

FDJ United’s lottery segment posted a five per cent revenue increase to €528m. Draw games were the main contributors, with Euromillions showing particularly strong performance. The super-jackpot launched on 7 March at €130m and was eventually won at €250m on 28 March, following seven draws.

Online lottery revenue rose sharply by 14 per cent to €79m, fuelled by a significant rise in the number of players to 5.8 million over the 12 months to the end of March 2025. Online sales now account for 15 per cent of total lottery revenue.

Retail Sports Betting Remains Resilient

Revenue from point-of-sale sports betting totalled €561m, representing a two per cent increase, supported by a five per cent rise in stakes. The wider offering of football bets, helped by the new format of European competitions and the strong performance of French clubs, contributed to this growth.

However, compared with the first quarter of 2024, sports betting revenue dropped by one per cent to €112m due to a reduced margin linked to unfavourable results for the operator.

Online Segment Faces International Pressures

Online betting and gaming revenue fell by ten per cent at constant perimeter and exchange rates to €231m. Nevertheless, the number of active players increased by more than five per cent compared with the fourth quarter of 2024 and by almost ten per cent compared with the first quarter of 2024.

Performance in the Netherlands was notably impacted by regulatory and tax changes. Revenue in the country fell by 41 per cent, influenced by new regulation that severely limited net monthly deposits from October 2024 and a significant tax increase from 1 January 2025, raising the gaming tax from 30.5 per cent to 34.2 per cent of gross gaming revenue.

The tougher regulatory framework also contributed to a fall in the channelling rate, with the share of the market held by licensed operators dropping to less than 50 per cent by the end of 2024.

In the United Kingdom, revenue declined by 27 per cent, reflecting a particularly high comparison base and the negative impact of regulatory measures implemented in 2024, despite growth in the number of active players.

Excluding the Netherlands and the United Kingdom, revenue grew by almost eight per cent, supported by good performance in other markets, notably France, where the new European football competition format helped boost stakes.

Leadership Perspective

Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ UNITED, commented:

“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.”