FDJ United has reported revenue of €1.9bn (£1.6bn) for the first half of 2025 despite increased regulatory pressures in the Netherlands and the UK.
The figure represented a 30.7% increase when compared to the corresponding period in 2024.
French lottery and retail sports betting revenue was the biggest contributor to the H1 total, amounting to €1.3bn.
Online betting and gaming revenue fell 11.5% YoY to €466m, which was partly attributed to tough comparatives with Euro 2024 last summer.
International lottery revenue slumped 16.9% YoY to €80m, while payment and services revenue totalled €31m.
Meanwhile, recurring EBITDA increased 19.1% YoY to €441m, with a recurring EBITDA margin of 23.6%. Net profit was down 36.2% to €135.7m.
Within the earnings report, management cited stricter regulatory measures in both the Netherlands and the UK as factors that affected performance.
The tax rate in the Netherlands increased from 30.5% to 34.2% in January, while tougher affordability checks came into effect in the UK in August 2024.
Also in the Dutch market, monthly deposit limits for players aged 18-25 were reduced from €700 to €300 last October.
As a result, FDJ United’s H1 revenue in the Netherlands and the UK plunged 43.5% and 24.1% YoY, respectively.
In addition to the statutory levy introduced in the UK in April, whereby operators will pay up to 1.1% of GGR, mandatory deposit limits are set to come into effect by October 2025.
The operator also navigated a string of new tax measures in France, including tax on online poker rising from 0.2% of bets to 10%. Meanwhile, online sports betting GGR tax has risen from 54.9% to 59.3%, lottery draw games have gone from 68% to 69% of GGR, and other draw games and instant games are now 56.5% (previously 55.5%).
Speaking on the earnings call following the release of the H1 results, Stéphane Pallez, FDJ United chairwoman and CEO, maintained that the UK’s regulations would be a positive for the business, even if that may not be the case in the Netherlands.
She said: “In the UK, we think we’ll be able to move to the application of the code of conduct for the industry, which will be, of course, a positive element in the management of the business.
“In the Netherlands, there is no news, so it’s really about how we can stabilise the situation and implement in the most efficient way the controls we have put in place.
“As a matter of fact, the figures that have been published in the Netherlands show that this illegal market has grown to a very, very high percentage, which should not be an incentive for the regulator to become more stringent – on the contrary – but we don’t expect it to move in a positive way.”
The first half of the year saw the operator complete its rebrand from FJD to FDJ United, following the completion of its acquisition and integration of Kindred Group.
Pallez said that the company’s H1 performance was in line with expectations.
She added: “2025 stands as a transition year for FDJ United, with the integration of Kindred well on track. In this context, our first-half performance is in line with the expected full-year trajectory.
“Besides, we are pleased by the success of the employee share ownership plan launched by the group, reflecting our long tradition of sharing FDJ United’s value creation with all stakeholders.”
Investors weren’t impressed by the results, as FDJ United’s shares slid 10% in early trading today, 31 July, to just under €27.
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Pan-European operator records 30.7% year on year increase in revenue, though slumps in the UK and the Netherlands contribute to share sell-off
The post FDJ United’s H1 “in line with expected full-year trajectory” as revenue hits €1.9bn first appeared on EGR Intel.