FDJ United CFO Pascal Chaffard has said that the operator is better equipped than its competitors to deal with any regulatory changes it may face in certain markets.
The company recorded revenue of €925m (£792.6m) in its Q1 2025 financial report. The figure represented a 30% increase when compared to the same period in 2024.
However, on a pro forma basis, including the acquisition of Kindred Group, revenue was down 1%, with a 9.8% decline in online sports betting and igaming revenue alone.
In the report, FDJ United cited regulatory changes in both the UK and Netherlands markets as a reason for the decrease in revenue in both regions.
The company’s online revenue in the Netherlands decreased 41% year on year (YoY), thanks in part to new net deposit limits which were introduced in the country in October 2024.
The Netherlands’ increased tax rate of 34.2% also came into effect in January 2025, further hampering operations.
As for the UK, FDJ United’s online revenue fell 27% YoY due to a “negative impact of regulation implementation”.
Operators tend to bake in changes to offerings ahead of regulatory changes, with new slots stake limits having come into play from April.
The Gambling Commission also announced a ban on mixed product promotions as well as a limit on bonus wagering requirements to 10x. Both measures are set to come into effect on 19 December 2025.
In addition, there are the overhanging financial risk checks that are seeing some consumers leave the regulated space in favour of black market sites.
There are also a host of tax changes lined up in France, while Sweden’s regulatory pressures are likewise seeing more players leak to offshore sites.
Speaking on FDJ United’s analyst call following the release of its financial results, Chaffard expressed his confidence in the operator’s ability to adapt to new regulatory measures.
He said: “We are positive on the fact that there is mid- and high-single digit growth in those markets because the measures have already been put in place in some jurisdictions.
“We also think that we are one of the best operators to cope with those kind of regulatory measures. It’s in our DNA to be able to cope with that.”
In contrast to his faith in FDJ United, Chaffard doubted whether competitors would be able to deal with such changes in the same way.
He remarked: “We also know that some of the competitors in certain markets will think the conditions are too harsh for them to continue to be a player.
“In the Netherlands for example, there were 27 operators in 2024, two have dropped [out] now in 2025. We think this [number] will continue to decrease and, as the leader of the market [in Unibet], we will benefit from that. Clearly our vision is that there is growth in those markets.”
The CFO added that while revenue was declining, the number of active players in FDJ United’s online competitive markets was growing.
When asked what new markets FDJ United might target in the future, Chaffard highlighted Finland as a potential opportunity.
The Scandinavian country is aiming to launch its multi-licence market in 2027, with proposals sent to the Finnish parliament last month.
“What we are looking at is to be ready to take the opportunity of the opening of the market in Finland,” Chaffard continued. “It’s a country where we are operating today, and we are waiting for the regulation to come. So for us, it’s an important one.
“What we are doing in 2025 and the start of 2026 is transitioning to have one platform that is needed to continue to grow and continue to add new countries to our portfolio. We have to do it in a very synergistic way.
“It will give us a competitive advantage compared to most of our competitors that don’t have this one platform to operate efficiently all over all the European countries.”
Chaffard confirmed that the company has no future plans to expand into the US, noting that the operator is aware that it’s “not possible to be profitable in this jurisdiction”.
Later in the call, Chaffard shed a light on the company’s growth strategy for the future.
He said: “There’s two ways to do it. We either target new countries where there is a clear regulation in place [and] where we have foreseeable growth, or we need to have a better position in a country where we are.
“When we are in a top five or top three position in a region, it can be achieved by investing more heavily in those countries.”
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Pascal Chaffard says the operator is still forecasting growth in the UK and the Netherlands, alleging that competitors in those areas “will think the conditions are too harsh for them to continue”
The post FDJ United “one of the best operators” at adapting to headwinds, claims CFO first appeared on EGR Intel.