FDJ United: growth and responsibility in 2025
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26 Jun 2025 •
Reading time: 3 minutes In just a few years, FDJ UNITED has established itself as one of the heavyweights in the European gaming and betting sector, the result of a strategy of targeted acquisitions and an agile positioning combining digital innovation and territorial roots. With turnover set to rise by nearly 17% in 2024 and a clear ambition to exceed €3.8 billion by 2025, FDJ UNITED is no longer content to play in France: it is now dictating its rules across the continent.
Historical roots strengthened by expansion
Since 6 March 2025, La Française des Jeux has become FDJ UNITED, reflecting its transformation into a pan-European group following the acquisition of Kindred in autumn 2024, as well as ZEturf and Premier Lotteries Ireland in 2023.
Founded in 1933 as the National Lottery, FDJ has gradually transformed itself, adopting the name La Française des Jeux in 1991 and becoming FDJ UNITED in 2025. Today, with more than 5,000 employees in some fifteen countries, 33 million players and almost 34,000 sales outlets (including 29,000 in France), the group combines European scale with local roots.
Financial performance and tax issues
In 2024, FDJ UNITED will achieve sales of €3.1 billion, up 16.9% on 2023. EBITDA rose by 20.6% to €792 million. Earnings were boosted by the integration of Kindred, which includes brands such as Unibet and Maria Casino.
However, taxes on gaming are rising: €45m in France and €10m in the Netherlands in 2024, with tax costs forecast to reach €100m in 2027. Despite this context, the objectives are clear: sales of around €3.8 billion by 2025 and a recurring EBITDA margin in excess of 24%.
The ‘Play Forward 2028’ plan: responsible growth
Presented at the Capital Markets Day in June 2025, the Play Forward 2028 plan sets ambitious targets:
- Average organic growth of around 5% a year,
- Recurring EBITDA margin of over 26% in 2028,
- And EBITDA-to-cash flow conversion > 80%.
Expansion will be based on two pillars:
- Physical and online trade in France: more than one million additional players, with openings in major food retailers (20% of the network by 2028).
- Online gambling and betting in Europe: aim for the top 3 in 7 of the 8 key markets, high single-digit growth per year, EBITDA margin > 30% in 2028.
Lastly, FDJ UNITED intends to strengthen its ESG commitments: reduction in the proportion of revenue from high-risk gamblers, voluntary social/environmental contribution increased from 2.7% in 2024 to 5% of net profit by 2030.
The challenge of regulation and taxation
Q1 2025 illustrates the tensions: sales at €925m (+30% year-on-year), driven by the French lottery (+4%), while online gambling and betting revenues are down 10% due to restrictions in the Netherlands and the UK.
How is the Group compensating for this slowdown? By increasing the number of active players (up 10% online), broadening the range of products on offer at points of sale (new Euromillions and Royaume d’Or formats) and digitising channels. Despite these regulatory challenges, online activity (excluding the UK and the Netherlands) grew by 8%.