- Revenue to end September of €1,875m. On a like-for-like
basis1, revenue rose by +1% and by 5% excluding Amigo and
Euromillions, a solid performance in line with the first half.
- The lottery recorded sales of €1,407m, down 1% but up 3%
excluding Amigo and Euromillions. The decrease in Amigo revenue
since June is linked to the new game formula, revised at the
request of the regulator, and that of Euromillions to a sharp drop
in the number of high jackpot2 draws, particularly in the 3rd
quarter, reflecting the inherent nature of the game
- Competitive sports betting and online gaming open to
competition continue to perform well, with revenue up 9% to
€360m
- The acquisitions of ZEturf and Premier Lotteries Ireland
(PLI) will strengthen FDJ’s model from Q4 onwards
- With the integration of the ZEturf Group and its horse betting
business, FDJ has completed its online gaming offering to become
the 4th largest operator in the sports betting and online gaming
open to competition market in France, with a market share of over
10%
- The acquisition of PLI, authorised by the Irish lottery
regulator at the beginning of October, should be finalised in early
November. The strategic plan currently being drawn up jointly aims
to accelerate PLI’s growth and increase its profitability
- 2023 targets: revenue growth of around 5%, or between 1.5%
and 2% on a like-for-like basis, with the current EBITDA margin
maintained at around 24% thanks to tight costs control
- The Group will also benefit from a high level of financial
income, expected to almost double the figure recorded at the end of
June, and reiterates its commitment to distribute between 80% and
90% of its consolidated net income
Regulatory News:
La Française des Jeux (FDJ) (Paris:FDJ), France’s leading gaming
operator, announces its revenue for the nine months to end
September 2023.
Stéphane Pallez, Chairwoman and CEO of FDJ Group, said:
“Our growth remains solid, with strong players’ demand, even though
it has been affected by the low number of Euromillions high jackpot
draws. At the same time, the completion of the acquisition of
ZEturf at the end of September and the forthcoming closing of
Premier Lotteries Ireland acquisition in November illustrate our
strategy of internationalisation and diversification. We are
delighted that the teams of these two operators are joining FDJ and
that these operations will contribute to the Group's sustainable
and profitable growth.”
- Revenue to end September of €1,875
million, up 3.9% and 1.3% on a like-for-like basis
At the end of September, gross gaming revenue (GGR) stood at
€4,808 million, stable compared with 2022. After €3,044 million in
public levies, net gaming revenue (NGR)3 totalled €1,771 million,
up 0.8% based on a 2.0% increase in stakes.
Including income from other activities of €103 million, up more
than 10% on a like-for-like basis, Group revenue to end September
2023 came to €1,875 million, up 3.9%.
On a like-for-like basis, sales rose by 1.3%. It rose 4.6%, in
line with the first half, excluding Euromillions, which was
particularly affected by the low number of high jackpot draws,
especially in the 3rd quarter, and excluding Amigo, which was
relaunched at the beginning of June with a revised formula in
accordance with the regulator's decision.
In the 3rd quarter, revenue totalled €586 million, down 1% and
3% on a like-for-like basis.
- By distribution channel and
activity
Stakes in points of sale increased 0.8% to €13,278 million,
supported by sports betting and instant games, and despite Amigo
and Euromillions impact.
Digital stakes are continuing to grow, driven by all businesses.
They were up 10.6% to €2,011 million, a performance attributable in
large part to the increase in the number of players. Excluding
Euromillions, online lottery stakes rose by more than 12%. Online
stakes account for more than 13% of total stakes.
Lottery revenue totalled €1,407 million down 1.2%, based on a
slight increase in stakes, but up 3% excluding Amigo and
Euromillions.
Driven in particular by the success of launches and relaunches,
such as Carré Or in January and Numéro Fétiche in May, instant
games stakes rose by more than 4%.
The almost 6% drop in the stakes for draw games is attributable
to the lower number of high jackpot Euromillions draws (19 at 2023
September-end compared to 32 at 2022 September-end), particularly
noticeable in the third quarter, and the full impact of the new
Amigo draw launched at the beginning of June and in line with the
decision of the French National Gaming Authority.
Excluding Euromillions and Amigo, draw stakes are up 1% and
lottery stakes more than 3% compared with 2022, an “exceptional”
year for draw games, especially Euromillions with stakes up by
almost +20% to the end of September 2022. Overall, the appeal of
this game remains strong, with stakes up by almost +10% compared
with 2019, following its relaunch in the first quarter of 2020.
The discrepancy between growth in stakes and growth in revenue
is mainly due to Euromillions, which has a high rate of conversion
of stakes into revenue.
- Sports betting and online gaming open
to competition
Revenue of sports betting and online gaming open to competition
totalled €360 million, an increase of 9.3% in line with growth in
stakes. The player payout ratio in the third quarter is very close
to that at the end of June and that recorded at the end of
September 2022.
Business growth, strong both at the point of sale and online,
benefited from the continuing momentum of the FIFA World Cup at the
end of 2022, despite a slightly less favourable football calendar
in the 3rd quarter of 2023.
The acquisitions of ZEturf and Premier
Lotteries Ireland (PLI) strengthen FDJ’s model
- ZEturf completes FDJ’s online gaming
offering, making it the 4th largest operator in the French sports
betting and online gaming open to competition, with a market share
of over 10%
ZEturf is the 2nd largest online horse betting operator in
France, with a market share of around 20%. This acquisition enables
the FDJ Group to become the 4th largest competitive online gaming
operator in France (sports betting, horse betting and poker), with
a market share of over 10%. Finalised at the end of September, this
acquisition has been consolidated in FDJ’s accounts since 1
October.
In order to benefit fully from the potential of the merger with
ZEturf and the synergies within its online business open to
competition, and in accordance with the commitments made to the
French Competition Authority, FDJ will adopt a new organisation for
this business.
With 2022 revenue exceeding €50 million, ZEturf:
- Doubles the revenue of FDJ’s online gaming business open to
competition;
- And will have an accretive effect on the sports betting and
online gaming open to competition BU’s contribution margin from
2025.
- PLI: First step in the international
B2C lottery with strong prospects
The acquisition of Premier Lotteries Ireland, the Irish national
lottery operator, is a major step in the deployment of the FDJ
Group’s international strategy. On 3 October, the Irish lottery
regulator gave the go-ahead for the deal, which is due to be
finalised in early November, when PLI will be consolidated by
FDJ.
In 2022, Premier Lotteries Ireland recorded gross gaming revenue
(GGR) of €399 million and revenue of €140 million, with an EBITDA
margin comparable to that of FDJ.
The strategic plan currently being drawn up jointly aims to
accelerate PLI’s growth and increase its profitability, based on
sharing best practice between the two operators in order to:
- Capitalise on FDJ’s experience to drive PLI’s instant games
portfolio;
- Boost the player base for draw games;
- And continue to improve the digital experience for Irish
players.
2023 Outlook
In Q4, the Group expects:
- In sports betting and online gaming open to competition, sales
virtually unchanged, reflecting the continued momentum since the
start of the year, with a high basis for comparison due to the FIFA
World Cup at the end of 2022;
- And for the lottery, sales growth driven by non-Amigo draw
games, with several events including the launch of the EuroDreams
draw game, and by instant games.
For 2023 as a whole, FDJ is targeting revenue growth of around
5%, i.e. between 1.5% and 2% on a like-for-like basis, with a
current EBITDA margin rate maintained at around 24% thanks to tight
control of costs.
- At the end of July, the Group had announced 2023 revenue
growth targets of over 5%, and over 3% on a like-for-like basis,
with a current EBITDA margin maintained at around 24%.
The Group will also benefit from a high level of financial
income, expected to almost double the figure recorded at the end of
June, and reiterates its commitment to distribute between 80% and
90% of its consolidated net income.
The Group's next financial communication
The Group will report its 2023 results on Thursday, 15 February
2024, before market opening.
Appendix
In millions of euros
Q3 2023
Q3 2022
Var.
Stakes
4,802
4,945
-2,9%
o/w online stakes
679
643
+5,6%
Revenue
586
592
-1,1%*
o/w lottery
449
478
-6,0%
o/w sports betting and online
gaming open to competition
103
97
+6,4%
*-3.4% vs. Q3 2022 pro forma, including the acquisitions of
Aleda and L'Addtion
About FDJ Group
France’s leading gaming operator and one of the industry leaders
worldwide, FDJ offers responsible gaming to the general public in
the form of lottery games (draws and instant games), sports betting
(through its ParionsSport point de vente et ParionsSport en ligne
brands) and poker. FDJ’s performance is driven by a large portfolio
of iconic brands, the leading local sales network in France, a
growing market, and recurring investments. The Group implements an
innovative strategy to increase the attractiveness of its gaming
and service offering across all distribution channels, by offering
a responsible customer experience.
FDJ Group is listed on the regulated market of Euronext Paris
(Compartment A – FDJ.PA) and is part of the SBF 120, Euronext 100,
Euronext Vigeo 20, EN EZ ESG L 80, STOXX Europe 600, MSCI Europe
and FTSE Euro indices.
For further information, www.groupefdj.com
-----------------
1 On a 2022 basis including L’Addition and Aleda over comparable
periods -i.e €2,514m in FY 2 More than €75m 3 Net Gaming Revenue
(NGR) corresponds to the GGR net of public levies. It represents
FDJ's remuneration for its gaming activities.
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