La Française des Jeux : Q1 2024 revenues below our expectations, with regulatory context tightening in the Netherlands (a key country for Kindred)
>Q1 2024 revenues shy of our expectations, good momentum on games in the digital segment - FDJ reported yesterday after the close of trade Q1 2024 revenues of € 710m (+7.2% on a reported basis, i.e. close to the FY 2024 guidance of c.+8%), 6% below our estimates (ODDO BHF € 759m). In detail, lottery revenue totalled € 504m (+1.4%) and benefited from the momentum of instant games (+4%), while draw games (-3%) remained penalised by the evolution of Amigo. Stripping out ...La Francaise des Jeux is a France-based semi-public company that operates lottery and online games. The Company operates under the commercial brand name, FDJ, and provides scratch games, sports betting and draw games via a network of 35,800 points of sale (as of December 31, 2010), including LOTO points of sale, tobacconists and newsagents. The Company's scratch games include 1, 2 and 3 euros games; sports betting include the brand names, ParionsSport and ParionsWeb; and draw-based games include LOTO, Euro Millions, Rapido, Keno and others. The Company is also active in the online poker market with the website Barrierepoker.fr, which is jointly-owned with Groupe Lucien Barriere. The Company owns various subsidiaries, including Pacifique des Jeux and FDJ Developpement for the distribution in French overseas territory; Societe de Gestion de l'Echappee, which manages the Company-sponsored professional cycling team; Francaise de Motivation, Francaise d'Images, Lotsys and LVS.
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