FDJ United reports €925m in Q1 2025 revenue despite UK and Dutch regulation biting

FDJ United has reported revenue of €925m (£792.6m) for Q1 2025, following the French operator’s rebrand and deeper embedding of Kindred Group since its acquisition in October.  

The revenue figure represents a 30% year-on-year (YoY) increase when compared to the corresponding period in 2024, which did not include contributions from Kindred.

On a pro forma basis, should Kindred have formed part of the company in Q1 2024, revenue was actually down 1%.

On a pro forma basis, French lottery and retail sports betting, which FDJ United has a monopoly over, was the biggest contributor to the revenue total, rising 3.6% to €640m.  

Retail lottery revenue increased 5% YoY to €528m following a strong performance from the brand’s Euromillions product in addition to the successful launch of its new instant game, Royaume d’Or. 

Online lottery revenue increased 14% YoY to €79m during the quarter which saw the launch of FDJ United’s online exclusive instant game Exploration Jungle. Online lottery now represents 15% of the lottery division’s revenue.

Retail sports betting revenue fell slightly by 1% YoY to €112m. This was despite an increase in stakes driven by UEFA’s Champions League, Europa League and Conference League competitions.  

Said stakes were aided by the performance of the French clubs in those competitions including Brest, Lille, Lyon, Monaco and Paris Saint-Germain.  

However, the company cited lower margins when compared to Q1 2024 due to “unfavourable results”.  

Revenue from online betting and gaming rose significantly YoY, spiking 755% to €231m, albeit on a reported basis.

When looking at the revenue on a pro forma basis assuming that the Kindred acquisition had been completed on 1 January 2025, online betting and gaming revenue would have totalled €256m. 

Therefore, with the adjusted numbers, online betting and gaming revenue actually fell 9.8% YoY. 

As part of the merger, former Kindred Group CEO Nils Andén was named as the group’s chief online betting and gaming officer in March.  

FDJ United highlighted stricter gambling regulations in the UK and the Netherlands as reasons for the weaker performance.  

Online revenue from the Netherlands fell 41% YoY due in part to new net deposit limits introduced in October 2024, as well as the country’s increased tax rate to 34.2%, which came into effect in January.

In the UK, revenue fell 27% YoY due to a “negative impact of regulation implementation” despite the successful migration of the 32Red brand. 

However, outside those core markets, online sports betting and gaming revenue was up 8%, with France namechecked as a key positive.

The company also enjoyed an increase in its number of active players in the segment, with a 5% rise compared to Q4 2024 and 10% jump against Q1 2024.

International lottery revenue decreased 21.8% YoY to €38m, while revenue generated from payments and services added a further €16m.  

FDJ United CEO Stéphane Pallez noted that the company’s performance during the first three months of the year was aligned with internal projections.  

She said: “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.”