FDJ United began the first half of the year on a positive note, but the revenue of Kindred was impacted by challenging 2024 comparisons.
FDJ United, a leading player in the gambling industry, has released its H1 (first half) earnings report for the year 2025. The report, released on a Wednesday, paints a mixed picture of the company's performance.
While the wider group revenue experienced a significant 30.7% year-on-year increase, reaching €1.87 billion, the online betting and gaming business, operated by Kindred, showed a different trend. The revenue for this segment saw an 11.5% year-on-year decrease, falling from €466 million in the prior year to €413 million in H1 2025.
The decline in the online betting and gaming revenue was mainly due to tougher regulation and higher taxation in key markets such as the UK and the Netherlands, as well as a difficult comparison base from 2024, notably the Euro football tournament. Despite these challenges, other markets outside the UK and Netherlands showed modest growth of around 4-5%.
It's worth noting that the comparison of the revenue dip includes "restated" figures for Kindred's H1 2024, as if Kindred had already been part of FDJ. Kindred was not part of the FDJ group until October 2024.
Excluding the impact of the UK and Netherlands, online revenue would have grown by about 5%, driven in part by France and other countries. The French lottery and retail sports betting businesses were the primary source of revenue for FDJ United.
Interestingly, the earnings report did not mention a decrease in revenue for the online betting and gaming business operated by Kindred. This suggests that the overall performance of Kindred, despite the challenging market conditions, may have been stronger than the consolidated figures suggest.
The total wider group revenue for the corresponding period in 2024 was €1.43 billion, providing a stark contrast to the growth seen in 2025. Despite the dip in the online betting and gaming segment, the overall performance of FDJ United remains strong, with the company continuing to make strides in the gambling industry.
- In the pursuit of diversifying its investments, FDJ United might consider extending its business interests to finance, specifically exploring opportunities in technology-driven startups that focus on financial services and sports analytics.
- As the gambling industry becomes increasingly regulated and taxed, forward-thinking financiers may see potential in investing in innovative North American sports businesses, leveraging the burgeoning market and favorable tax environments.
