FDJ United has announced strong financial results for Q1 2025, reporting revenue of €925 million—a 30% year-on-year increase. The growth was primarily driven by solid performance in France’s lottery and retail sports betting segments, despite regulatory headwinds in the Netherlands and the UK.
Lottery Revenue Breakdown:
- Total lottery revenue: €528 million (+5%)
- Online lottery revenue: €79 million (+14%)
- Euromillions jackpot reached €250 million after launching at €130 million on March 7 and being won on March 28
- Online lottery now represents 15% of total lottery revenue
- Active lottery players reached 5.8 million by end of March 2025
Retail Sports Betting:
- Revenue: €561 million (+2%)
- Growth driven by a 5% rise in stakes, especially in football betting supported by new European formats and strong French club performance
- Despite this, overall sports betting revenue declined 1% to €112 million, due to unfavorable outcomes for the operator
Online Segment Challenges:
- Revenue: €231 million, down 10% at constant scope and exchange rates
- Active players grew over 5% vs Q4 2024 and nearly 10% vs Q1 2024
Country-Level Impact:
- Netherlands: Revenue dropped 41% due to monthly deposit caps (from October 2024) and a tax hike from 30.5% to 34.2% starting January 2025
- Channeling rate fell below 50%, indicating a growing black market
- UK: Revenue fell 27%, mainly due to tough 2024 regulations and a high comparison base, even as player activity increased
- Excluding NL & UK: Revenue grew nearly 8%, driven by strong performance in France and favorable football betting dynamics