FDJ expects to return to profit despite tax headwinds
Group also unveils c-suite re-org; AFJEL, Genius, Clickout &Co
Hello, on Gaming&Co today:
United front: FDJ bullish on 2026 as CEO says incremental changes will not lead to “deep paradigm shift”
Minor focus, major impact: AFJEL reacts to ANJ-ARPEJ study
Unchained melody: ANJ sets out web 3 JONUM reg framework
Genius move? CEO pushes back against Legend critics
Click me out: Redundancies at Clickout Media as group focuses on AI
NIBS: Codere, X bans gambling, Polymarket, TonyBet
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FDJ confident of growth despite tax hikes hitting FY25
CEO says group will return to growth with transformation ahead of schedule
Consolidate: FDJ United CEO Stéphane Pallez insisted the French giant will return to profit in 2026 after higher gaming taxes across key European markets hit performance in 2025 and the group integrated the assets under its control following its acquisition of Kindred Group in 2024. One obvious statement of this intent came with the news that CFO-CSO Pascal Chaffard is replacing Unibet CEO Nils Anden in a rejigged executive committee, with Anden stepping down to pursue other projects. As part of the move, Celia Verot, Director of Regulation, becomes General Secretary and Director of Legal and Regulation at FDJ United.
No slash and burn: During the press conference, Pallez also made clear that the synergy drive the group was embarking on would not amount to a “deep paradigm change” or be about simply cutting costs.
“It’s not a break (with past practice). We are adapting progressively, investing in new tools and technology to be more efficient, but we must also have a complete vision. When you have two (similar) activities (operating) on the same market we have to carry out synergies.”
Marginal gains: Pallez added that the move was also about constantly seeking to improve processes and operations, which “might translate as recruiting less for certain functions or transferring competencies, but that is the life of a company”.
What’s the use: Asked whether FDJ should lobby with the French iGaming trade body AFJEL for regulation of online casino as a way to balance out tax rises and direct players towards legal operators, she said the topic wasn’t up for serious discussion “in the current (political) context”.
The country is set to hold local elections in March and Pallez noted that “it’s not about lobbying. At the moment, given the upcoming elections, this is not a discussion that is taking place. When the time comes, you will know our position”.
With regard to the illegal market however, she urged the authorities to be “much more proactive in terms of repression”.
Progressive AI: Pallez added that it was too early to quantify the savings AI would generate for the group, but the technology represents “a fundamental evolution of our sector” and matched with regulators’ demands that operators be in “frequent and personalised contact” with their players.
Unveiling ‘restated’ figures - adjusted for the impact of the Kindred integration – FDJ said GGR rose 1% to €8.71bn but revenue fell 3% to €3.68bn, as higher gaming taxes in France, the Netherlands and Romania, with the UK to come into force from April, hit revenues by close to €50m. Retail lottery and sports betting stakes came in at €21bn.
Recurring EBITDA came in at €902m, with a 24.5% margin, while adjusted net income was broadly flat at €487m YoY. The group said record FCF of €782m and cash conversion of 80% showed it was hitting the right notes operationally and will propose an increased €2.10 dividend per share at its April AGM. Net financial debt fell to €1.7bn.
Year up: Pallez also noted that FDJ is one year ahead of its multi-year performance plan, raising the end-2028 cost-saving target to over €150m, and expects slight revenue growth with a stable EBITDA margin in 2026 despite an estimated €90m tax impact.
“With a strengthened performance plan and a new organisation of its online betting and gaming business unit, the group will continue to improve its operational efficiency to return to its profitable and sustainable growth path by 2026,” the group said.
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Online is the place, says French trade group
AFJEL says awareness levels and black market crackdown need to increase
Zero to hero: French iGaming trade body AFJEL reacted to the ANJ-ARPEJ study highlighting the rise of under-age gambling through land-based outlets by outlining its zero tolerance approach to the issue. It stressed that “online gaming is the most secure and controlled channel” and has “the strictest control mechanisms in the industry” to ensure compliance - but also noted that the study did not distinguish between legal and illegal digital gambling.
Not anonymous: The group added that despite widespread “digitisation, the physical network remains the preferred channel of access to games for minors” via scratch cards or draws, while in online settings “no account can be opened without full ID verification. Anonymity does not exist in the regulated (online) market”.
Pressure points: AFJEL said awareness-raising measures on the topic should be introduced for adults and, mirroring FDJ’s call, urged the authorities to simplify and speed up procedures for closing down sites, ban the promotion of illegal sites on social networks and regulate eSports and online casino “to offer a legal, controlled and controllable alternative”.
“Licensed operators no longer want their efforts to be undermined by generalised statistics on online gambling, which hold them accountable for the disastrous practices of illegal operators,” AFJEL added in its statement.
France’s web 3 experiment starts
ANJ marks the launch of three-year experimental framework
Are you experienced? France’s Autorité Nationale des Jeux outlined the trial framework of its web3-JONUM regulatory set up during a webinar with companies interested in the space. The rules will apply for an initial three-year experiment “for games involving monetisable digital items (JONUM), which will be overseen by the ANJ” and “predominantly based on blockchain technology”.
The legal set up is much lighter than the one that applies to casino or online operators and allows JONUM companies to hand out rewards as monetisable objects that can then be sold on digital marketplaces.
Companies wanting to operate will have to register with ANJ and declare the list of JONUM offers on their websites and, according to executives on the webinar, must not offer games that operate casino-like mechanics.
Clickout Media reportedly slashing editorial staff numbers
Publisher moving to AI-focused content production model
Are you human: Clickout Media, the affiliate publisher and iGaming operator behind a portfolio of sports and gambling sites including Esports Insider and Gambling Insider, has reportedly implemented a large round of editorial layoffs as part of a shift to AI-focused content production. According to Insider Gaming, the group told freelancers they were no longer required in recent weeks, but in-house editorial staff across several titles have now also been informed their positions were being eliminated, with a reduced team of AI editors expected to remain,.
Insider Gaming added that employees being let go are being forced to sign NDAs to prevent from speaking publicly about the layoffs, at risk of not receiving their severance payouts. The number of people affected is unclear, according to Linkedin, Clickout employs 200-500 people.
The inside track: The move comes just months after Clickout Media expanded its footprint in iGaming publishing with the acquisition of Gambling Insider in a deal reportedly valued between £12m and £14m, adding a long-established B2B industry outlet to its portfolio of websites.
The gambling affiliate vertical has faced a perfect storm in recent years as SEO-driven traffic models have been disrupted by Google algorithm updates and, more recently, the rise of AI-powered search experiences that reduce referral volumes from traditional results pages.
Large operators in the space have implemented redundancy packages themselves as they look to pivot towards AI, while just this week, Raketech reported a 46% YoY drop in Q4 revenue.
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Genius move?
CEO pushes back against critics of Legend deal
Legend of the fall: Mark Locke, CEO of Genius Sports, has pushed back against market scepticism following the company’s $1.2bn acquisition of the sports media and technology firm Legend. Despite the strategic expansion into content syndication and betting affiliation, Genius’s shares plummeted 27% following the announcement, reflecting investor anxiety over the deal’s valuation and direction.
Speaking to SBC News, Locke argued that critics had been “reductive” by labelling Legend as a mere ‘affiliate’ business. He compared the asset to infrastructure giants like Booking.com, asserting that the value lies in owning the audience, first-party data, and the participation layer rather than just brokering traffic.
Wipe out: The market reaction to the deal wiped roughly $600–$700m off Genius Sports’ enterprise value, but Locke maintained that Legend is a transformative technology platform, not a low-quality affiliate broker and that the company had a proven track record.
It’s happened before: He reminded readers (and investors) that previous moves seen as controversial, such as the NFL official data partnership and Second Spectrum acquisition were also initially doubted but are ultimately fuelling the company’s growth.
The success of the deal now hinges on how effectively Genius integrates Legend’s tech stack to scale up its media and tech services.
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News shorts
Codere Online has launched a new iOS poker app in Mexico in partnership with Playtech, enabling Mexican users to compete in real time across a shared liquidity pool. The app features cash games, tournaments, Sit & Go and fast formats, alongside responsible gaming tools. Codere said poker is already attracting more than 1,300 monthly active users locally on existing channels and added that Bingo and an Android Poker launch are also in the pipeline.
Social media platform X has updated its Paid Partnerships Policy to bar gambling-related promotions from influencer or affiliate-style paid collaborations. Under the revised policy, gambling products and services - including sports betting, lotteries, social casinos and other wagering-related offerings - are now explicitly ineligible for paid partnership posts, meaning influencers, creators and affiliate accounts can no longer be compensated to promote them on X.
Polymarket has been ordered by the Dutch gambling regulator to cease operations in the Netherlands after being found to offer gambling-style services without a required local licence. The KSA ruling, which classifies Polymarket’s prediction markets as games of chance under Dutch law, requires the platform to exit within four weeks or face escalating fines of €420,000 per week, up to €840,000.
TonyBet has had two of its YouTube adverts banned by the Advertising Standards Authority (ASA) in Ireland for breaching responsible gambling guidelines. The first ad featured the tagline “Make money while sitting on the toilet,” which the ASA said could imply gambling as a source of income and potentially lead to financial harm. A second commercial showing a woman claiming to have earned $8,500 from gambling was also prohibited.
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Calendar
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