by Antoni Majewski

FDJ’s Strong 2023 Performance: A Deep Dive into France’s Leading Gaming Operator’s Success

In a remarkable showcase of growth and resilience, La Française des Jeux (FDJ), the foremost gaming operator in France, has announced its 2023 financial results. Highlighting a significant increase in revenue and a robust EBITDA margin, FDJ’s success story offers insights into the evolving landscape of the gaming industry.

Impressive Fourth Quarter Surge

FDJ’s financial results for the fourth quarter of 2023 paint a picture of a thriving business. With a 13.8% increase in revenue, reaching €747 million, and a 7.1% rise on a like-for-like basis, FDJ demonstrates its ability to maintain upward momentum in a competitive market. The lottery segment, in particular, experienced a substantial 7.8% rise in revenue, totaling €531 million. This surge is attributed to the success of the Euromillions super jackpot and the launch of EuroDreams. These factors played a pivotal role in bolstering the online lottery’s robust performance.

Diverse Business Ventures Fuel Growth

FDJ’s diverse portfolio, including competitive sports betting and online gaming, continued to excel. The revenue in these sectors saw a 14.9% increase to €159 million. The like-for-like growth here was 6.3%, even when excluding the first consolidation of ZEturf’s activities. The robust market environment, coupled with favorable outcomes for the operator, underpinned this success.

Yearly Financial Highlights

Over the entirety of 2023, FDJ’s revenue escalated by 6.5%, reaching €2,621 million, and showing a 2.8% increase on a like-for-like basis. The Group’s online gaming business was a standout, witnessing an 18.8% growth (13.9% on a like-for-like basis), and accounting for nearly 13% of 2023’s revenue.

The recurring EBITDA margin stood at an impressive 25.1%, a testament to FDJ’s operational efficiency and strategic focus. This figure, amounting to €657 million, reflects the impactful contribution of digital business and favorable sporting results towards the end of the year. Adjusting for certain exceptional factors, the EBITDA margin would have been 24.3%.

Financial Position and Future Projections

As of December 2023, following payments to ZEturf and Premier Lotteries Ireland, FDJ reported a net cash surplus of €671 million. This figure, though lower than the €900 million at the end of 2022, positions the Group on stable financial ground. FDJ anticipates revealing its comprehensive 2023 results on 15 February 2024, before market trading begins.

La Française des Jeux’s performance in 2023 is a clear indicator of the evolving dynamics within the gaming and betting industry. The company’s ability to grow its online gaming segment significantly, despite broader market challenges, highlights a strategic shift towards digital platforms.

The success of its lottery and sports betting divisions, buoyed by high-profile events and new launches, underlines the importance of innovation and diversification in this sector. As FDJ prepares to unveil its full results in February, the industry awaits to see how these trends will shape the future of gaming and betting in France and beyond.

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