La Française des Jeux (FDJ), a leader in betting and gaming in Europe, reports its 2024 revenue and recurring EBITDA.

In view of the legislation in the process of being adopted by Parliament, the Group also provides information on the impact on its 2025 performance of tax increases on betting and gaming in France and announces the implementation of a multi-year action plan to offset it.

Integrating Kindred with effect from 11 October and on the basis of the scope of business retained, FDJ generated revenue of €3,065 million in 2024, up 17%. Excluding Kindred, the increase was 10%, while revenue from gaming in France was up 6%.

The Group generated recurring EBITDA of €792 million, up 21%, generating a margin of 25.8%.

On a pro forma basis, assuming Kindred had been acquired on 1 January 2024 and based on the scope of business actually retained by FDJ, Group revenue comes out at nearly €3.8 billion, with a current EBITDA margin of around 25.5%.

As the legislation in the process of being adopted by Parliament currently stands, FDJ estimates that the increase in betting and gaming levies in France applicable with effect from 1 July 2025 will automatically reduce its revenue and recurring EBITDA by nearly €45 million in financial year 2025, equating to a full-year impact of nearly €90 million.

In 2024, revenue from gaming in France totalled over €2.6 billion after public levies of over €4.4 billion.

FDJ reiterates that taxes on betting and gaming relate to gross gaming revenue (GGR, which consists of stakes less player winnings). GGR is broken down between public levies and the operator’s revenue. The percentage breakdown is directly determined by the tax rate applicable to each category of game. As an indication, the 1 point increase in taxes on lottery games automatically reduces lottery revenue by around 2%. Stakes are not affected by tax increases. The full impact of the resulting reduction in revenue is reflected in recurring EBITDA.