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FDJ, Not Concerned About French Gambling Tax Rise Amid Stock Price Hit
French gaming group FDJ stated that, to their knowledge, the upcoming Social Security budget in France will not contain any tax measures related to gambling; the announcement follows a significant stock price drop recorded by the company

Shares of French gaming group La Française des Jeux (FDJ) have plummeted on Thursday following a report that the French government is contemplating the idea of boosting social security contributions from the gambling sector starting in 2025.
According to the business daily Les Echos, this measure is aimed at enhancing the Social Security budget, leading to a series of concerns within the industry as well as a sharp reaction in the stock market.
Worst Stock Performance Since 2020
By early afternoon, at 14:03 GMT, shares belonging to the operator of France’s and the Republic of Ireland’s national lottery games which is also the title sponsor of the FDJ cycling team went down 5.4%, reaching €34.79 ($38.36) on the Paris Bourse.
The drop followed a previous 10% collapse recorded earlier in the session, marking one of the company’s worst stock performances since April 2020.
The Les Echos report, citing sources, indicated that the French government, under the leadership of Prime Minister Michel Barnier, is taking into account significant changes to social security levies on various forms of gambling.
The list allegedly includes casinos, lotteries, online poker, and sports betting.
The changes would limit the gambling surge, in the context of the Association Française du Jeu en Ligne’s concerning report regarding the performance of the country’s legal betting market during the Euro 2024.
The mixed results of the report published in July suggested France might be losing the war on illegal gambling.
The proposal, which could bring in an estimated €500 million ($551 million) annually, is expected to be included in the upcoming Social Security Financing Bill (PLFSS), scheduled for presentation on October 10.
Despite the market panic, FDJ was quick to respond. “To our knowledge, the PLFSS, which will shortly be presented to the Council of Ministers, will not contain any tax measures concerning gambling,” an FDJ spokeswoman told Reuters.
High-Level Talks With Ministry of Finance Officials
Lucas Excoffier, a European equity trader at 1994-founded, independent European financial group that specializes in private banking, asset management, private equity, corporate and investment banking, Oddo BHF Corporate & Markets, believes that FDJ had high-level discussions with officials at the Ministry of Finance before releasing its statement.
“The market reaction is very severe, even though this type of news of course fuels the risk of regulation on the gaming sector, particularly FDJ,” he said.
FDJ, which is 20% state-owned, is a key player in France’s gaming industry, managing lotteries and scratch card games.
The prospect of higher taxes on the sector could lead to tighter margins and regulatory uncertainty, contributing to the steep drop in the company’s share price.
For now, investors will likely be watching closely as the government prepares to unveil its budgetary plans, with potential regulatory changes looming on the horizon.
Toward the end of September, FDJ announced it secured the necessary regulatory approvals for the Kindred takeover.
The news followed the publication of the company’s H1 results in July when FDJ posted a gaming revenue increase.
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After finishing her master's in publishing and writing, Melanie began her career as an online editor for a large gaming blog and has now transitioned over towards the iGaming industry. She helps to ensure that our news pieces are written to the highest standard possible under the guidance of senior management.
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