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Kindred Publishes Financial Update as Part of FDJ’s Takeover
Kindred noted that the publication of its unaudited Q3 total revenue is part of its M&A arrangement with FDJ

Online gaming operator Kindred Group, has published a new financial update as part of its tender offer by the French national lottery operator La Française des Jeux (FDJ). Kindred is set to publish its full report on October 25.
The Results Are in Line with Earlier Projections
Kindred noted that the publication of its unaudited Q3 total revenue is part of its M&A arrangement with FDJ. The latter company acquired Kindred by buying out the company’s entire outstanding share capital and forming one of the biggest gambling groups in Europe.
Kindred also noted that Q3 2024 was a period of continued solid growth. It elaborated that its diversified market footprint allowed it to reach a total revenue of GBP 294.5 million ($382.5 million). This figure represents the combined revenue of the operator’s B2B and B2C operations, it added.
The company added that the gross winnings revenue for Q3 amounted to GBP 283.1 million ($367.7 million). Kindred further noted that the share of gross winnings revenue from locally regulated markets comprised 83% of its total gross winnings.
Kindred warned that the aforementioned figures are unaudited. They have been shared with FDJ, which is set to report its own Q3 and year-to-date financials after market closure on October 17. The FDJ report will include combined figures, including Kindred’s performance, the latter company said.
For this purpose, FDJ has estimated Kindred revenue on the basis of the scope that would effectively be retained by FDJ. This scope was announced on 22 January 2024, with the planned exit of Norway and other .com sites, unless there is a clear path toward a local license.
Kindred statement
The company concluded that its estimated revenue and share of locally regulated revenue for Q3 aligned with earlier projections. Kindred, meanwhile, remains on track towards its FY EBITDA guidance.
The Merger Followed a Complex Regulatory Process
FDJ completed its takeover of Kindred following a complex regulatory process. While some were concerned about the merger’s opportunity to undermine the market’s competitive aspect, the deal was eventually greenlit by regulators on the condition that Kindred’s gaming operations and FDJ’s lottery operations remain separate.
Following that, Kindred announced major changes to its board. The company parted ways with James H. Gemmel, Cédric Boireau, Andrew McCue, Jonas Jansson, and Kenneth Shea and welcomed Pascal Chaffard, Edeline Minaire, and Célia Vérot as new directors.
In the meantime, FDJ remained unconcerned about France’s mulled tax hike. While Les Echos had suggested that the 2025 Social Security Financing Bill would include gambling tax changes, this didn’t happen, easing other companies’ concerns.
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