38% increase in net profit

FDJ records $2.8 billion revenue in 2023, driven by sports betting and online gaming momentum

Reading time 1:28 min

French betting and gambling operator La Française des Jeux (FDJ) has announced its financial results for the fiscal year 2023, revealing a 6.5% year-on-year revenue growth to €2.62 billion ($2.81 billion).

The revenue growth is attributed to the momentum gained in sports betting and online gaming, evidenced by an 18.8% rise in net gaming revenue (NGR), accounting for almost 13% of the group's total NGR. 

Stéphane Pallez, Chairwoman and CEO of FDJ, emphasized the strategic milestones achieved by the company in 2023, including the completion of the acquisition of Premier Lotteries Ireland and ZEturf. The company expects to maintain this M&A momentum this year with more deals in the pipeline.

The proposed acquisition of Kindred, announced at the end of January, will enable the creation of a European champion and significant value creation for the benefit of all stakeholders, in line with our model combining performance and responsibility.”

Stéphane Pallez, Chairwoman and CEO of FDJ

The financial success of FDJ in 2023 is underscored by a 38% increase in net profit, reaching €425 million ($457 million), and a 15.8% rise in recurring operating income, amounting to €532 million ($572 million). Despite facing challenges in matching the previous year's revenue growth of 9.1%, FDJ remains optimistic about its future growth prospects.

FDJ also highlighted in its report its impact on society, with contributions of €4.3 billion ($4.6 billion) to public finances and the creation or maintenance of 56,000 jobs in France. The company's growth also benefits local retail, with €983 million ($1 billion) paid to its network of retailers.

Looking ahead to 2024, FDJ has set a series of strategic targets, aiming for an 8% revenue growth across the group, with a recurring EBITDA margin of approximately 24.5%.

The company expects to achieve this growth through a 5% revenue increase in lottery, sports betting, and online gaming sectors, driven by major sporting events such as the Paris Olympics and UEFA European Championships.

The proposed acquisition of Kindred, valued at €2.45 billion ($2.67 billion), is expected to further bolster FDJ's position in the European gaming sector. The tender offer for Kindred, scheduled to open on February 20, 2024, aims to position FDJ as a leading European operator.

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