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FDJ United

Operator
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Founded
1976-01-01 in Boulogne-Billancourt, France
Headquarters
Boulogne-Billancourt, France

FDJ United is a European gaming and betting champion headquartered in Boulogne-Billancourt, France, with roots tracing back to the French National Lottery founded in 1933. Formally established as La Française des Jeux (FDJ) in 1976, the company rebranded as FDJ United in March 2025 following its acquisition of Kindred Group, signaling its pan-European ambitions. Serving more than 33 million players across regulated markets and supported by over 5,700 employees, FDJ United generated €3.7 billion in revenue in 2025, with a recurring EBITDA margin of 24.5%. Its business model combines exclusive rights to the French lottery and retail sports betting with open-competition online betting and gaming, international lottery operations, and a payments and services arm. Iconic brands include Loto, Euromillions, Illiko, ParionsSport, Unibet, and 32Red. Listed on Euronext Paris (ticker: FDJU), the group is committed to responsible gaming through its Safe Play programme and the FDJ United Foundation promoting equal opportunities.

Detailed Review

History and Evolution

FDJ United’s origins lie in the French National Lottery created in 1933 to support soldiers wounded in World War I. The modern entity, La Française des Jeux, was established in 1976 when the first LOTO draw took place. In 1979 the government created the Société de la Loterie nationale et du Loto national (SLNLN), renamed France Loto in 1989 and finally La Française des Jeux in 1991. The company was partially privatised in July 2018 when the French state sold 50% of its 72% stake through an IPO on Euronext Paris. In March 2025, following the acquisition of Kindred Group, the company rebranded as FDJ United to signal its transformation into a multi-brand European gaming champion.

Business Model and Segments

FDJ United operates through four business units: French Lottery & Retail Sports Betting, which holds exclusive rights in France for draw games (Loto, Euromillions), instant games (Illiko), and retail sports betting (ParionsSport) distributed via 29,000 points of sale; Online Betting & Gaming (OBG), offering open-competition sports betting, horse-race betting, poker, and casino games under brands like Unibet, 32Red, ZEturf, and ZEbet; International Lottery & B2B Solutions, including Premier Lotteries Ireland (Irish National Lottery until 2034), Relax Gaming (B2B online gambling platform), and FDJ Gaming Solutions (lottery modernisation and sports betting services); and Payments & Services, via FDJ Services, offering payment and collection services through a network of registered agents in France.

Financial Performance

In 2025, FDJ United’s gross gaming revenue rose 1% to €8,706 million, while revenue declined 3% to €3,678 million due to tax increases and regulatory changes. Recurring EBITDA was €902 million (24.5% margin), and free cash flow reached a record €782 million. Net financial debt decreased by nearly €100 million to €1,721 million. The company proposed a dividend of €2.10 per share for 2025, representing an 80% payout ratio. For 2026, FDJ United expects slight revenue growth with a stable EBITDA margin of 24.5%, despite additional gaming taxes of nearly €90 million.

Strategy and Recent Developments

FDJ United is pursuing a multi-year performance plan with a cumulative target of more than €150 million in efficiencies by 2028, one year ahead of schedule. The group is reorganising its Online Betting & Gaming business unit to complete operational transformation following the Kindred integration. In Q1 2026, Unibet became the sole brand for online sports betting and poker in France after a successful migration. The group is also mobilising for the 2026 FIFA World Cup across multiple European markets.

Responsible Gaming

Responsible gaming is central to FDJ United’s strategy, with two priorities: fighting underage gambling and preventing excessive gambling. The ‘Safe Play’ programme focuses on prevention, detection, and support. The FDJ United Foundation promotes equal opportunities in education and integration in France. The group publishes an integrated annual report detailing its societal impact.

Key Products

  • Loto

    France's iconic draw-based lottery game where players choose numbers; launched in 1976.

  • Euromillions

    Multi-country draw game played across nine European nations, offering large jackpots.

  • Illiko

    Range of instant scratch-card games sold at retail points of sale in France.

  • ParionsSport

    Retail and online sports betting brand in France, offering fixed-odds and pooled betting on 50+ sports.

  • Unibet

    Leading online sports betting, casino, and poker brand operating in multiple European regulated markets.

  • 32Red

    Online casino brand focused on the UK and other regulated markets.

  • ZEturf

    Online horse-race betting platform active in France.

  • ZEbet

    Online sports betting platform in France.

  • Relax Gaming

    B2B supplier of online gambling products, including a game aggregation platform and in-house game studio.

  • Premier Lotteries Ireland (PLI)

    Operator of the Irish National Lottery until 2034, distributing ~30 games through 5,200 points of sale and online.

  • FDJ Gaming Solutions

    B2B technology hub offering lottery modernisation, sports betting services, and the Magic Platform omnichannel suite.

  • FDJ UNITED Affiliates

    Multi-award-winning affiliate programme for 8 online gaming brands, operating since 2010.

Offices & Headcount

5700 employees (approx.)

Key Persons

Notable past members

Recent News

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