France’s FDJ reports 29.5 per cent rise in revenue for first half

La Française des Jeux (FDJ) has reported net revenue of €1.08bn for the first half as the EC begins an investigation of its monopoly in France.

France.- The French betting and lottery operator La Française des Jeux (FDJ) has reported €1.08bn in net revenue for the first half, an increase of 29.5 per cent year-on-year. 

The figures come after the European Commission announced that it will investigate whether FDJ’s continued monopoly over lottery and retail betting in France violates European law. The former state-owned operator was granted exclusive rights for 25 years when it was privatised in 2019.

FDJ said its strong first-half results had been buoyed by the rescheduled UEFA European Football Championship and the reopening of bars in the second quarter after closures due to the Covid-19 pandemic

Stakes came in at €9.15bn, while €6.29bn was paid in player winnings, resulting in gross gaming revenue of €2.86bn. Lottery accounted for stakes of €6.87bn (up 18.9 per cent year-on-year). The majority of that (€4.28bn) came from instant games, including scratch cards. 

Sports betting stakes rose to €2.26bn, up 109 per cent from €1.10bn in H1 2020. 

EBITDA for the first half came in at €261m, up 50 per cent year-on-year, while net operating revenue was up 59.6 per cent at €198m.

FDJ’s CEO, Stéphane Pallez, said: “In the absence of new restrictive measures linked to the evolution of the health situation, the Group anticipates maintaining good momentum in the second half of the year and is confident in its business and results outlook while respecting its responsible gaming model.”

In May, the FDJ reported revenue of €537.6m for the first quarter, up 5.2 per cent year-on-year despite restrictions on retail operations due to France’s Covid-19 countermeasures. 

In the last few months, FDJ has appointed Nadia Faure as director of investor relations and M&A and Andy Wright as Sporting Group CEO.