The head of the French operator Française des Jeux (FDJ) said that the privatisation is likely to happen in the next few weeks.
France.- Française des Jeux (FDJ) is close to being privatised, as the government will sell its 72% and will only keep 20% of the company. While initially expected at the end of November, FDJ head Stephane Pallez said that the privatisation is likely to happen in the next few weeks.
Pallez told BFM Business TV on Tuesday that the privatisation of FDJ could raise around €1 billion. Government spokeswoman Sibeth Ndiaye recently said that the ordinance ends the FDJ monopoly to replace it with a limited-term right, set at 25 years and renewable.
The privatisation of FDJ is important to President Emmanuel Macron’s plans to raise money to fund innovation projects. He also wants to boost the overall economy of France by selling some of the stake in FDJ.
FDJ increases revenues in first three quarters
The company’s year-to-date gross gaming revenues (GGR) have increased 7% to €1.4 billion year-on-year. FDJ said that the growth comes after an increase in stakes across all of its segments. Lottery is still the highest-grossing vertical for FDJ, reporting a 6% rise in stakes to €10 billion. Euromillions and Loto accounted for 20% of FDJ’s total stakes in the first nine months of the year.
Moreover, sports betting stakes rose 14% to €2.6 billion, and once again tennis, football and basketball were the sports that generated the biggest revenue during that nine-month period.
Another vertical that continues to register impressive results is the online segment, which reported a 38% increase in stakes to €2.4 billion. FDJ said that it has also contributed with €2.6 billion in taxes in 2019, which is also an 8% rise from 2018.