(BFM Bourse) – After online horse betting, online poker. La Française des Jeux has received approval from the National Gaming Authority to offer “online circular games”. This bodes well for FDJ, which recently raised its annual outlook.
La Française des Jeux (FDJ) is strengthening its offer a little more. After entering into exclusive negotiations to acquire horse racing and sports betting site ZeTurf last September, FDJ group is now authorized to offer “online circular games”, According to a decision of the National Gaming Authority (ANJ) published this Tuesday in the Official Gazette.
A comprehensive offer
With the acquisition of this precious sesame, the group led by Stéphane Pallez will be able to offer its players an online poker offer. Since the early 2000s, FDJ has allowed its players to bet online on sporting events, but did not yet have a dedicated “online circle games” offering.
FDJ had been working behind the scenes for several months to get this authorization from ANJ. As of last spring, La Française des Jeux was looking for a communications officer who would have “the mission of promoting the new online poker room.” The job offer that betrayed the new intentions of the online poker game operator was immediately deleted, as revealed by the specialist site. ClubPoker.net at the end of last April.
Therefore, the ANJ’s approval received on Tuesday, October 20, formalizes FDJ’s entry into the world of online poker. It is issued for a period of five years from this date and may be renewed. Thus, the Française des jeux offer will be accessible from its domain names “parionsweb.fr”, “parionsweb.fdj.fr” and enligne.parionssport.fdj.fr”.
A dynamic online marketplace
For FDJ, this approval allows it to increase its presence in a very dynamic online posting market. Between July and September, La Française des jeux saw a 35% increase in bets on its platforms to reach €643 million, or 13% of total bets now.
Throughout the third quarter, France’s leading gaming and gambling operator achieved a turnover of 12% year-on-year growth to 592 million euros. Revenue growth also reached 12% during the first nine months of the 2022 financial year, an increase that brought turnover to €1.81 billion.
This strong trading dynamic has given it the opportunity to increase its annual outlook at the same time. Thus, for the full year, FDJ now anticipates turnover growth of more than 8%, an EBITDA (earnings before interest, tax, depreciation and amortization) margin rate of around 24%, an improvement compared to forecasts at the beginning of the year . As a reminder, FDJ Group initially forecast annual revenue for 2022 to grow by nearly 5% with an EBITDA margin of over 23.5%.
On the Paris stock exchange, FDJ’s share price rose nearly 2% to 33.57 euros by late morning. Driven by excellent results and a relevant digitization strategy, the stock has performed well since its IPO, with a price of 19.50 euros for retail investors.
However, the stock has suffered a notable setback since the openof the European Commission in July 2021 an inquiry into the compensation given by the group in exchange for its exclusive rights. According to Citigroup’s calculations, FDJ may have to pay 1.06 billion euros more than the amount paid during privatization in November 2019.
Sabrina Sadgui – ©2022 BFM Burse