FDJ reports 7.2% rise in revenue for Q1

FDJ is to buy Kindred.
FDJ is to buy Kindred.

The French gambling operator’s revenue reached €710m.

France.- La Française des Jeux (FDJ) has reported that its Q1 revenue was up 7.2% at €710m. Gaming revenue was €645m, up 3.1 per cent year-on-year. While total revenue growth didn’t quite reach the group’s target of 8 per cent, FDJ expects the upcoming Euro 2024 football championship and the Paris Olympic Games will take it over that line.

FDJ said online generated €100m, nearly 15 per cent of all gaming revenue. Excluding the ZEturf and Premier Lotteries Ireland acquisitions, online growth was 20 per cent, driven by sports betting and online lottery.

Lottery revenue rose by 1.4% per cent to €504m, driven by instant game sales. Sports betting and competitive online gaming revenue reached €141m, an increase of 9.5 per cent. Revenue for other activities, including payment and services, was €65m, up 77.4 per cent.

Chairwoman and chief executive Stéphane Pallez said: “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.”

Kindred deal

In January, FDJ made a SEK27.96bn (€2.45bn) offer to acquire Kindred Group, a move that would make it the second biggest gambling operator in Europe if accepted. Pallez said she remained confident the deal would go ahead. Meanwhile,  in February, FDJ announced that it was looking for a buyer for its London-based B2B unit, Sporting Solutions. It reportedly hired Oakvale Capital to seek potential candidates.

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