Gambling market review for 1H 2025: market growth confirmed, mainly driven by the performance of online sports betting and FDJUNITED

This growth could continue in the second half of the year if newly recruited players are retained and new player recruitment continues, driven by operators' commercial strategies (increase in average basket size, cross-selling, etc.). The tax increase that took effect on July 1st, particularly on operators' marketing expenses, may nevertheless have an impact that is still difficult to assess.

The online gaming market is growing overall, but with contrasting trends for poker and horse racing betting.

The online market's gross domestic product (GDP) is expected to reach €1.4 billion in H1 2025, representing a 6% increase compared to the same period last year. This overall performance, however, masks contrasting trends in terms of GDP: online sports betting remains the driving force behind the online segment and the total market, while horse racing betting shows mixed performance and poker sees a significant decline in its activity.

Active player accounts (APA) totaled 4.7 million, representing a 9% increase compared to H1 2024. This growth is observed across all three segments of the online market, which may indicate continued recruitment through cross-selling by operators (recruitment of occasional players with low average basket sizes), observed in 2024.

All sports betting indicators are showing strong growth despite the absence of major sporting events such as those in 2024. Stakes are expected to increase by 15% in H1 2025 compared to H1 2024, reaching €6 billion. Gross wagering (GGR) is expected to increase by 10% to €961 million, and APA, like unique players, is expected to increase by more than 10%.

Growth in horse racing betting stakes slows in H1 2025, but GGR remains stable. Horse racing betting stakes are projected to grow by 1% (€795 million versus €787 million) in H1 2025, following 2.3% growth in H1 2023 and 6% in H1 2024. Conversely, the GGR remains stable at €174 million. APCs are increasing, although the number of unique players is decreasing (+3% to 513,000 APCs and -3% unique players to 447,000). These figures appear to reflect an increase in competitive intensity in the segment, with players taking advantage of welcome promotional offers.

Poker GGR is projected to reach €246 million in H1 2025, a decrease of -4% compared to the same period in 2024, even though the number of players is increasing due to cross-selling. The Cash Game format is in sharp decline, with a 15% decrease in GGR (€47 million), while the MTT and Sit&Go formats are holding steady (€199 million in GGR in H1 2025 compared to €202 million last year). However, the number of APG and unique players is growing sharply, with 1.7 million APG (+12% compared to H1 2024) and 1.3 million unique players (+10%, respectively), driven by cross-selling.

Operators under exclusive rights: FDJ UNITED and PMU
Due to FDJU's acquisition of Kindred in October 2024, the group's total gross betting income in H1 2025 is up 19% compared to H1 2024. On a comparable basis, the group's gross betting income is up +1.6% (€4.4 billion), while revenue is down -1.7% to €1.9 billion.

The "Online Betting and Gaming" segment (now including Kindred's online activities in Europe) increased from €126 million in H1 2024 to €700 million in H1 2025 (+458%).

The "Lottery and Network Sports Betting France" segment (games under exclusive rights in France) is expected to grow by 4.4% in H1 2025, with particular momentum in draw games (+8.8%), which benefited from the long EuroMillions cycles (more than 20 super jackpots exceeding €75 million during the first half), and the strong performance of instant games.

Regarding PMU's activities under exclusive rights, the decline in stakes (€3.2 billion in H1 2025, -4.2% compared to H1 2024) and GGR (€830 million in H1 2025, -2.6% in H1 2025) is accelerating. As in 2024, the performance in the first quarter of 2025 partly explains these results, with a -5.5% decline in stakes and a -4% decline in GGR.