FDJ UNITED reported its financial results for the first half of 2025, showing revenue of €1,867 million. This marks a 31% increase compared to the same period in 2024 as originally reported, but a 2% decrease when adjusted for acquisitions and other factors.
The company’s French lottery and retail sports betting business unit generated revenue of €1,290 million, up 4% on a restated basis. Lottery revenue rose by 6% to €1,065 million. FDJ UNITED attributes this growth to all types of games and distribution channels, with digital sales increasing by 16% to reach €160 million. Point-of-sale sports betting revenue dropped by 6% to €225 million due to less favorable outcomes for the operator despite higher stakes driven by an appealing football offering.
Online betting and gaming brought in €466 million in revenue, representing a decline of 12% on a restated basis. The company said this drop was largely because of strong performance during the Euro football tournament in 2024 and new tax and regulatory measures in markets such as the Netherlands and United Kingdom. Without these two countries, online revenue would have grown by 5%, supported by other regions including France. Second-quarter online revenue totaled €235 million, up 2% from the previous quarter.
Recurring EBITDA stood at €441 million with a margin of 23.6%. Excluding costs related to an employee share ownership plan (€14 million), the margin would have been 24.4%. Adjusted net income reached €222 million, reflecting both financing expenses related to acquiring Kindred and a one-off tax contribution affecting large French companies.
The group reaffirmed its full-year guidance for stable pro forma revenue compared with last year and expects a recurring EBITDA margin above 24%.
FDJ UNITED also highlighted the success of its employee share ownership plan: “Taken up by more than half of employees and largely oversubscribed,” according to the release. As a result, employees now hold a total of 4.6% of company capital.
