Online games contributed 15% of total revenue

FDJ's Q1 revenue surges to $760 million on online gaming momentum

Reading time 1:30 min

French betting and gambling operator La Française des Jeux (FDJ) has clocked a 7.2% year-on-year increase in revenue for the first quarter, reaching €710 million (approximately $760 million).

During Q1, FDJ reported gaming revenue of €645 million ($690 million), marking a 3.1% rise compared to the same period last year. The company attributed this growth to strong momentum in online games, which accounted for approximately 15% of its total gaming revenue at €100 million ($107 million).

FDJ had previously set a target of 8% revenue growth for 2024. While it fell slightly short of this goal in Q1, the upcoming sports schedule, including the European Championships and Olympic Games in Paris, may provide opportunities for FDJ to meet its objective.

“FDJ has made a good start to the year, in line with its 2024 objectives. All our activities are growing, thanks to our network of over 29,000 retailers and a dynamic online gaming business, which now accounts for 15% of the Group’s gaming revenue,” Stéphane Pallez, Chairwoman and CEO of the FDJ Group, said.

She said the company is ‘confidently pressing ahead’ with the Kindred acquisition announced at the end of January.

As for other financial highlights, lottery revenue increased by 1.4% during Q1, reaching €504 million (540 million), while sports betting and competitive online gaming revenue saw a 9.5% rise to €141 million ($151 million).

Revenue from other activities such as payment and services also experienced significant growth, standing at €65 million ($70 million), a 77.4% increase compared to last year.

FDJ noted that the growth in lottery revenue was primarily driven by a 4% increase in instant games, while draw games revenue decreased by 3%.

Despite facing challenging comparisons from the same quarter last year, FDJ highlighted the positive impact of ParionsSport En Ligne, its online sports betting arm, which saw revenue grow by over 25%.

Excluding acquisitions made in 2023, FDJ's online games revenue grew by over 20%, attributed to sports betting and online lottery.

In January, FDJ launched a takeover offer to buy Swedish online gambling heavyweight Kindred Group for 130 Swedish crowns ($12.43) a share, which would correspond to an enterprise value of EUR 2.6 billion ($2.83 billion). According to the company, the acquisition of Kindred would create the second-biggest operator in Europe's gaming sector.

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