FDJ UNITED Reports €1.87 Billion in First Half Revenue for 2025

FDJ UNITED has released its financial results for the first half of 2025, showing a mixed picture as the group works through a transitional year marked by the integration of Kindred. The company maintained a solid position in France’s lottery and betting market, while facing challenges in some international segments.

Good to know

• First-half revenue reached €1.87 billion, up 31% year-on-year as reported.
• Online revenue dropped, largely due to the absence of a major football tournament and regulatory changes.
• The Kindred acquisition and a new employee share plan influenced both strategy and financial structure.

FDJ UNITED posted €1.867 billion in total revenue for the first half of 2025. That’s a 31% rise compared to the same period last year on a reported basis. However, after adjusting for acquisitions and currency effects, revenue dipped by 2%.

The company’s core lottery and retail sports betting operations in France delivered €1.29 billion in revenue, up 4% on a restated basis. Lottery games alone brought in €1.065 billion, a 6% increase supported by a strong mix of games and a 16% rise in digital lottery revenue, which hit €160 million.

Retail sports betting fell by 6% to €225 million, even though stakes grew by 4%. The decline came down to unfavorable sports outcomes that negatively impacted operator margins.

FDJ UNITED’s online betting and gaming business, classified separately from the core retail segment, brought in €466 million. That figure marks a 12% drop compared to the same period last year, but the company pointed to 2024’s unusually strong results due to the UEFA European Championship.

The downturn was also influenced by regulatory and tax pressure in two key markets: the Netherlands and the UK. When excluding those countries, the online division actually recorded 5% revenue growth, driven by better performance in other countries, especially France.

Second-quarter revenue totaled €235 million, a 2% increase from the first quarter of the year.

Recurring EBITDA for the six-month period reached €441 million, with a margin of 23.6%. If costs related to the employee share ownership plan are excluded, the margin rises to 24.4%. Adjusted net income came in at €222 million, shaped partly by the financing of the Kindred acquisition and a special tax imposed on large French corporations.

The company confirmed its 2025 guidance, which includes flat revenue compared to 2024 on a pro forma basis and a recurring EBITDA margin above 24%.

FDJ UNITED also highlighted the strong reception of its employee share ownership initiative. The plan was taken up by more than half of its workforce and was oversubscribed. As a result, employees now hold 4.6% of the group’s capital.

CEO Stéphane Pallez said the year remains on track:

“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.”

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