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La Française des Jeux : Revenue up 4% in Nine Months: Acquisition of ZEturf Completed at the End of September Acquisition of PLI to Be Completed in Early November
La Française des Jeux (FDJ), France’s leading gaming operator, announces its revenue for the nine months to end September 2023.
Stéphane Pallez, Chairwoman and CEO of FDJ Group, said: “Our growth remains solid, with strong players’ demand, even though it has been affected by the low number of Euromillions high jackpot draws. At the same time, the completion of the acquisition of ZEturf at the end of September and the forthcoming closing of Premier Lotteries Ireland acquisition in November illustrate our strategy of internationalisation and diversification. We are delighted that the teams of these two operators are joining FDJ and that these operations will contribute to the Group’s sustainable and profitable growth.”
- Revenue to end September of €1,875 million, up 3.9% and 1.3% on a like-for-like basis
At the end of September, gross gaming revenue (GGR) stood at €4,808 million, stable compared with 2022. After €3,044 million in public levies, net gaming revenue (NGR)3 totalled €1,771 million, up 0.8% based on a 2.0% increase in stakes.
Including income from other activities of €103 million, up more than 10% on a like-for-like basis, Group revenue to end September 2023 came to €1,875 million, up 3.9%.
On a like-for-like basis, sales rose by 1.3%. It rose 4.6%, in line with the first half, excluding Euromillions, which was particularly affected by the low number of high jackpot draws, especially in the 3rd quarter, and excluding Amigo, which was relaunched at the beginning of June with a revised formula in accordance with the regulator’s decision.
In the 3rd quarter, revenue totalled €586 million, down 1% and 3% on a like-for-like basis.
- By distribution channel and activity
- By distribution channel
Stakes in points of sale increased 0.8% to €13,278 million, supported by sports betting and instant games, and despite Amigo and Euromillions impact.
Digital stakes are continuing to grow, driven by all businesses. They were up 10.6% to €2,011 million, a performance attributable in large part to the increase in the number of players. Excluding Euromillions, online lottery stakes rose by more than 12%. Online stakes account for more than 13% of total stakes.
- Lottery
Lottery revenue totalled €1,407 million down 1.2%, based on a slight increase in stakes, but up 3% excluding Amigo and Euromillions.
Driven in particular by the success of launches and relaunches, such as Carré Or in January and Numéro Fétiche in May, instant games stakes rose by more than 4%.
The almost 6% drop in the stakes for draw games is attributable to the lower number of high jackpot Euromillions draws (19 at 2023 September-end compared to 32 at 2022 September-end), particularly noticeable in the third quarter, and the full impact of the new Amigo draw launched at the beginning of June and in line with the decision of the French National Gaming Authority.
Excluding Euromillions and Amigo, draw stakes are up 1% and lottery stakes more than 3% compared with 2022, an “exceptional” year for draw games, especially Euromillions with stakes up by almost +20% to the end of September 2022. Overall, the appeal of this game remains strong, with stakes up by almost +10% compared with 2019, following its relaunch in the first quarter of 2020.
The discrepancy between growth in stakes and growth in revenue is mainly due to Euromillions, which has a high rate of conversion of stakes into revenue.
- Sports betting and online gaming open to competition
Revenue of sports betting and online gaming open to competition totalled €360 million, an increase of 9.3% in line with growth in stakes. The player payout ratio in the third quarter is very close to that at the end of June and that recorded at the end of September 2022.
Business growth, strong both at the point of sale and online, benefited from the continuing momentum of the FIFA World Cup at the end of 2022, despite a slightly less favourable football calendar in the 3rd quarter of 2023.
The acquisitions of ZEturf and Premier Lotteries Ireland (PLI) strengthen FDJ’s model
- ZEturf completes FDJ’s online gaming offering, making it the 4th largest operator in the French sports betting and online gaming open to competition, with a market share of over 10%
ZEturf is the 2nd largest online horse betting operator in France, with a market share of around 20%. This acquisition enables the FDJ Group to become the 4th largest competitive online gaming operator in France (sports betting, horse betting and poker), with a market share of over 10%. Finalised at the end of September, this acquisition has been consolidated in FDJ’s accounts since 1 October.
In order to benefit fully from the potential of the merger with ZEturf and the synergies within its online business open to competition, and in accordance with the commitments made to the French Competition Authority, FDJ will adopt a new organisation for this business.
With 2022 revenue exceeding €50 million, ZEturf:
– Doubles the revenue of FDJ’s online gaming business open to competition;
– And will have an accretive effect on the sports betting and online gaming open to competition BU’s contribution margin from 2025.
- PLI: First step in the international B2C lottery with strong prospects
The acquisition of Premier Lotteries Ireland, the Irish national lottery operator, is a major step in the deployment of the FDJ Group’s international strategy. On 3 October, the Irish lottery regulator gave the go-ahead for the deal, which is due to be finalised in early November, when PLI will be consolidated by FDJ.
In 2022, Premier Lotteries Ireland recorded gross gaming revenue (GGR) of €399 million and revenue of €140 million, with an EBITDA margin comparable to that of FDJ.
The strategic plan currently being drawn up jointly aims to accelerate PLI’s growth and increase its profitability, based on sharing best practice between the two operators in order to:
– Capitalise on FDJ’s experience to drive PLI’s instant games portfolio;
– Boost the player base for draw games;
– And continue to improve the digital experience for Irish players.
2023 Outlook
In Q4, the Group expects:
– In sports betting and online gaming open to competition, sales virtually unchanged, reflecting the continued momentum since the start of the year, with a high basis for comparison due to the FIFA World Cup at the end of 2022;
– And for the lottery, sales growth driven by non-Amigo draw games, with several events including the launch of the EuroDreams draw game, and by instant games.
For 2023 as a whole, FDJ is targeting revenue growth of around 5%, i.e. between 1.5% and 2% on a like-for-like basis, with a current EBITDA margin rate maintained at around 24% thanks to tight control of costs.
– At the end of July, the Group had announced 2023 revenue growth targets of over 5%, and over 3% on a like-for-like basis, with a current EBITDA margin maintained at around 24%.
The Group will also benefit from a high level of financial income, expected to almost double the figure recorded at the end of June, and reiterates its commitment to distribute between 80% and 90% of its consolidated net income.
The Group’s next financial communication
The Group will report its 2023 results on Thursday, 15 February 2024, before market opening.
Appendix
|
In millions of euros |
Q3 2023 |
Q3 2022 |
Var. |
|
|
|
|
|||
|
Stakes |
4,802 |
4,945 |
-2,9% |
|
|
o/w online stakes |
679 |
643 |
+5,6% |
|
|
|
|
|||
|
Revenue |
586 |
592 |
-1,1%* |
|
|
o/w lottery |
449 |
478 |
-6,0% |
|
|
o/w sports betting and online gaming open to competition |
103 |
97 |
+6,4% |
|
*-3.4% vs. Q3 2022 pro forma, including the acquisitions of Aleda and L’Addtion
G Gate Awards 2026
N1 Partners in Three G Gate Awards Nominations
N1 Partners has been shortlisted for the G Gate Awards 2026 in three categories. Following the first round of voting, N1 Partners remains in the race for victory in the following nominations:
- iGaming Advertiser of the Year
- PR Campaign of the Year
- Event of the Year
Reaching the final stage of the G Gate Awards 2026 reflects N1 Partners’ key achievements over the past year, including the growth of its affiliate program and product portfolio, the launch of the N1 Puzzle Promo with a €500,000 prize pool, and the organisation of the “Because We Can” Grand Final during iGB Affiliate Barcelona.
The second and final voting round is now open and will run until June 22. The winners of the awards will be determined at this stage, and every vote counts.
How to Vote for N1 Partners
Supporting N1 Partners in the final round takes just a few clicks:
- Visit the G Gate Awards website.
- Select N1 Partners in the following categories:
- iGaming Advertiser of the Year
- PR Campaign of the Year
- Event of the Year
- Click the “Vote” button.
- Enter your phone number.
- Confirm your vote via the incoming call or Telegram verification code.
Support N1 Partners at the G Gate Awards!
Each of these nominations reflects the work of the N1 Partners team, the trust of our partners, and the support of a community that continues to grow alongside the company.
There is not much time left until the final voting stage closes.
Your vote is very important — thank you for the support!
Why work with N1 Partners:
- 14+ casino and sportsbook brands with high Reg2Dep
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 55% + NNCO for top partners
Be number one with N1!
The post N1 Partners in Three G Gate Awards Nominations appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Canada
N1 Partners x RAZE Case: ROI+ in Canada within 3 Days
Gambling traffic in Tier-1 markets rarely forgives mistakes. Especially when it comes to Facebook, where CPM costs are high, auction volatility is significant, and testing is expensive.
This was exactly the challenge the RAZE team faced when entering the Canadian market together with N1 Partners in spring 2026. The goal of the campaign was not just volume — the team needed to find a setup capable of maintaining FTD quality, preserving ROI, and scaling in one of the most expensive iGaming GEOs on the market.
In this case study, N1 Partners and RAZE will explain:
- why only 2 out of 10 tested slots remained profitable;
- how the acquisition strategy for Tier-1 Facebook was built;
- how the N1 Partners funnel influenced conversion rates;
- and what helped maintain ROI during scaling.
Initial Data
GEO: Canada
Vertical: Gambling (iGaming)
Traffic type: Facebook (PWA)
Campaign period: April, 20 – May, 8
Goal: FTD + ROI
Volume (FTD): ~300 deposits
N1 Partners brands: N1 Bet, RollXO, Slot Lounge, Slot Mafia, Lucky Hunter, Retro Bet и Goldex Casino
| N1 Partners comment: At the start, we decided not to limit ourselves to a single brand and tested seven brands simultaneously to identify combinations with the highest conversion rates and profitability for the RAZE team’s approach. This allowed us to collect a larger data sample and thoroughly analyse traffic behaviour across our brands. |
The main challenge remained traffic quality. In Tier-1 GEOs, generating deposits alone is not enough — it is crucial to understand how traffic performs over time and how players behave after making their first deposit.
Additionally, RAZE had limited historical data on running N1 offers in Canada, which created uncertainty regarding which approach, slot, and “creative + funnel” combination would deliver the best projected ROI.
Why Canada?
Canada was chosen as one of the most stable Tier-1 GEOs for the gambling vertical due to its highly solvent audience, large Facebook traffic volume, and consistent demand within the niche.
Another factor was the state of the Facebook auction. During the campaign period, competition in Canada was lower than in several other English-speaking GEOs, allowing for more comfortable CPMs and faster scaling of successful setups.
However, along with volume came the primary Tier-1 challenge — the high cost of mistakes. As a result, the team deliberately avoided a single-offer strategy and opted for broad testing instead.
RAZE Strategy
Facebook PWA is the core traffic source and key media-buying specialization for the RAZE team.
To begin, the team requested a list of top-performing slots for Canada from N1 Partners and analyzed them using spy tools: which approaches were already active in the auction, what mechanics competitors were using, and which creatives were generating the highest CTR.
| N1 Partners comment: Along with a list of top-performing slots, the RAZE team received recommendations regarding Canadian audience specifics, target metrics, and minimum data thresholds required to evaluate traffic quality from N1 Partners. This enabled RAZE to build tests based on advertiser-focused metrics rather than operating blindly. |
A custom funnel featuring N1 Partners bonuses was also created.
At the same time, three optimisation models were launched:
- Auto Bid
- Min CPA Cap (when triggered, budgets were aggressively scaled up to ~$10,000+ for optimal delivery)
- Max Bid
The primary goal was to quickly determine which model provided the best buying control and allowed Facebook’s algorithm to learn most effectively under expensive Tier-1 traffic conditions.
N1 Partners’ involvement extended beyond simply providing offers and slots.
| N1 Partners comment: In addition to recommendations regarding top slots and audience specifics, it was important for us to evaluate how partner traffic interacted with different brands. Therefore, from the very beginning, we established profitability benchmarks and KPIs that became our key reference points after the first tests. |
One of the main characteristics of Tier-1 Facebook traffic was its inconsistency even within high-quality traffic segments. Because of this, campaigns could not be evaluated too early — the algorithm needed sufficient time to accumulate data.
This later became one of the key factors behind the campaign’s success.
RAZE Strategy Analysis
At launch, the RAZE team tested 10 slots from N1 Partners. The slots were analyzed through spy tools to determine which creatives were running and which approaches were currently trending.
After evaluating the feasibility of each approach, the team selected 2 slots and developed custom creatives based on identified patterns.
However, initial tests revealed that most hypotheses were not economically viable.
Only two slots from the N1 Bet brand remained profitable:
- Gates of Olympus 1000
- Coin Volcano



Examples of Coin Volcano creatives that were used
Approaches That Worked and Why
The Coin Volcano funnel delivered the best results in terms of the traffic-to-FTD conversion path.
| N1 Partners comment: From the N1 product side, this performance was further supported by the funnel structure itself: users were sequentially presented with a welcome bonus, available payment methods, and the most popular games for their region.
On the N1 Partners side, the team evaluated not only the final number of deposits but also the efficiency of the entire funnel. Average campaign performance reached 39.83% for Click-to-Registration (Click2Reg) and 37.99% for Registration-to-Deposit (Reg2Dep). This made it possible to identify specific buyer–creative–product combinations with strong potential for further scaling. |
As a result, users understood the offer faster and the overall setup became more cohesive. This is especially important in Tier-1 GEOs, where the cost of mistakes at every stage is significantly higher.

PWA and landing page design featuring the advertiser’s bonus offer
| N1 Partners comment: One of the key success factors was a properly structured funnel. The landing page focused exclusively on essential information and guided users through a clear post-registration flow: a welcome bonus as the primary hook, payment methods, top regional games, and continued interaction with the product. |
Additionally, the N1 Partners team continuously monitored page loading speed and technical landing page performance to minimise traffic losses before registration.
Creatives and Approaches
During testing, the team experimented with several approaches:
- video creatives
- reaction-style scenarios
- offline casino aesthetics
- classic static ads
However, nearly all complex approaches underperformed compared to simple static creatives.
The best-performing setups were the most straightforward combinations: slot + bonus + winnings + clear CTA.
Static creatives offered lower installation costs, enabling faster offer changes, slot rotation, and testing of new angles without rebuilding production assets from scratch. As a result, most of the budget was ultimately shifted toward static creatives.
Scaling and Optimization
Initially, the team tested three acquisition models simultaneously: Auto Bid, Min CPA Cap, and Max Bid. The primary focus was not only deposit cost but also FTD quality, which meant decisions were made only after collecting sufficient data.
Working Approaches
-
- Min CPA Cap + aggressive scaling.
Once a stable CPA was achieved, budgets were increased aggressively, reaching approximately $10K in some cases. This allowed the team to capture volume while maintaining ROI.
- Min CPA Cap + aggressive scaling.
- GEO segmentation.
English-speaking provinces with lower CPMs delivered the strongest performance. - Time-based optimisation.
Most conversions occurred during evenings and weekends, so budgets were allocated more aggressively during those periods. - Delayed campaign evaluation.
Traffic quality improved after 30-40 deposits, so campaigns were not shut down prematurely. N1 Partners analytics played a major role here.
The product team analysed performance by individual buyers and setups, allowing them to assess traffic quality more deeply than standard CPA or initial deposit metrics and provide timely recommendations regarding scaling or stopping campaigns.
| N1 Partners comment: Across numerous tests, we observed that campaigns generating 40+ FDs were significantly more likely to deliver stable profitability. Prematurely stopping campaigns with limited volume often resulted in shutting down potentially strong setups before the algorithm had fully learned. |
At the same time, aggressive scaling only worked for proven setups. Increasing budgets too early caused CPM and CPA to rise faster than the volume of quality deposits.
N1 Partners comment: Before launch, we established the following profitability benchmarks:
Average deposit count: from 2.2. This enabled us, as the advertiser, to receive traffic of the required quality while allowing the partner to maintain profitability during scaling. |
Where Profit Was Lost
- Only 2 out of 10 tested slots remained profitable, meaning part of the budget was spent on ineffective tests.
- Video and reaction-based approaches lost to simple static creatives featuring slots and bonuses.
- Premature scaling of weak ad sets increased CPM and CPA without improving FTD quality.
- Some campaigns were stopped before Facebook had enough time to complete its learning phase.
Campaign Results
Over 18 days, the team achieved:
- FTD Volume: ~300 deposits
- Traffic: 2,659 installs
- CTR: 0.9–1%
- CPC: $2.5–4
- CPA: $140–156
- Best Optimization Model: Min CPA Cap + aggressive budget scaling
Positive ROI was achieved as early as the third day of traffic acquisition.
After the first 30 deposits, the team stabilized at approximately 30 daily FTDs and, on some days, reached up to 50 deposits despite account bans and market turbulence.

Ad Account #1

Ad Account #2
Day 1 of Ad Campaign

Day 3 of Ad Campaign
One of the key success factors from the N1 Partners side was the continuous feedback exchange between the media-buying and product teams.
| N1 Partners comment: Simply acquiring players is not enough. For long-term cooperation, traffic profitability must work for both the advertiser and the buying team. Regular feedback and in-depth traffic analysis by buyer and setup enabled us to quickly determine which campaigns truly deserved scaling. |
Case Takeaways
The RAZE × N1 Partners case once again proved that in Tier-1 markets, finding a strong creative or a winning slot alone is no longer enough.
Success comes only when several factors work together:
- strong Facebook media buying;
- deep traffic quality analytics;
- an effective product funnel;
- continuous data exchange between partner and advertiser;
- scaling only validated setups.
| N1 Partners comment: Even before launch, both teams established unified traffic quality criteria and scaling benchmarks. This approach accelerated decision-making, eliminated subjective evaluations, and helped focus on setups that were profitable for both parties. |
FAQ: RAZE x N1 Partners Case Study
1. What was the main insight of the campaign?
“The main insight was that in Tier-1 GEOs, you cannot rely solely on creatives or bidding. Canadian traffic is expensive, and if your funnel fails to meet user expectations, you start losing money.
We succeeded through a comprehensive approach: we took top-performing slots from the advertiser, validated them using spy tools, filtered out weak hypotheses through testing, built a custom funnel around a specific slot, and only then began scaling.
Ultimately, we realised that the right funnel can be just as important as the creative itself. It directly impacts FTD quality and overall profitability. “— Artem Mayskiy, Team Lead at Media Buying, RAZE.
2. What surprised you during launch?
“What surprised us was how traffic quality improved with scale. Initial deposits do not always provide an objective picture: campaigns may appear unstable, CPA fluctuates, and at that point the temptation to stop everything is very strong.
However, traffic quality turned out to be better than expected. After 30-40 deposits, it became clear that the algorithm was finding the right audience much more effectively. That was a very important signal for us.” — Artem Mayskiy, Team Lead at Media Buying, RAZE.
3. What is scalable from this campaign and what is not?
“From the advertiser’s perspective, it is crucial to monitor profitability benchmarks and quickly disable underperforming traffic. Before launch, we agreed with our partner on minimum acceptable traffic thresholds and adhered to them.
The percentage of players making only a single deposit (without repeats) could not exceed 70%. By strictly following these metrics during testing, we received traffic of the quality we required as an advertiser, while the partner maintained profitability.” — Alexey Gusarov, Team Lead of Affiliates, N1 Partners.
4. One piece of advice for affiliates and the market.
“Don’t stop campaigns too early. Keep driving installs and determine your acceptable deposit and install costs. This allows you to evaluate any funnel objectively and make informed decisions rather than guessing. It’s also important not to spread yourself too thin.
We tested 10 slots, but only 2 remained in active use. Growth started when we stopped distributing budget across numerous hypotheses and focused on setups that had already demonstrated proven audience interest.
It’s better to fully optimise one working funnel than to superficially test ten.” — Artem Mayskiy, Team Lead at Media Buying, RAZE.
“It’s important not only to monitor your own metrics as an advertiser but also to understand your partner’s needs.
Everyone talks about win-win relationships between advertisers and media-buying teams, but in practice, this only works when both sides genuinely understand each other’s objectives and make decisions based on overall traffic economics rather than isolated metrics.
This approach is exactly what allowed the team to become profitable by the third day and maintain stable volume in one of the market’s most expensive GEOs.” — Alexey Gusarov, Team Lead of Affiliates, N1 Partners.
Subscribe to the RAZE team on Telegram, where they share fresh case studies, campaign results, proven setups, and scaling insights based on real-world experience rather than theory.
Work with N1 Partners and scale gambling traffic alongside a team that helps build long-term profitable setups:
- 14+ casino and sportsbook brands with strong Reg2Dep performance
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 55% + NNCO for top partners
Be Number One with N1!
The post N1 Partners x RAZE Case: ROI+ in Canada within 3 Days appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
G Gate Awards 2026
N1 Partners in Three G Gate Awards Nominations
N1 Partners has been shortlisted for the G Gate Awards 2026 in three categories. Following the first round of voting, N1 Partners remains in the race for victory in the following nominations:
- iGaming Advertiser of the Year
- PR Campaign of the Year
- Event of the Year
Reaching the final stage of the G Gate Awards 2026 reflects N1 Partners’ key achievements over the past year, including the growth of its affiliate program and product portfolio, the launch of the N1 Puzzle Promo with a €500,000 prize pool, and the organisation of the “Because We Can” Grand Final during iGB Affiliate Barcelona.
The second and final voting round is now open and will run until June 22. The winners of the awards will be determined at this stage, and every vote counts.
How to Vote for N1 Partners
Supporting N1 Partners in the final round takes just a few clicks:
- Visit the G Gate Awards website.
- Select N1 Partners in the following categories:
- iGaming Advertiser of the Year
- PR Campaign of the Year
- Event of the Year
- Click the “Vote” button.
- Enter your phone number.
- Confirm your vote via the incoming call or Telegram verification code.
Support N1 Partners at the G Gate Awards!
Each of these nominations reflects the work of the N1 Partners team, the trust of our partners, and the support of a community that continues to grow alongside the company.
There is not much time left until the final voting stage closes.
Your vote is very important — thank you for the support!
Why work with N1 Partners:
- 14+ casino and sportsbook brands with high Reg2Dep
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 55% + NNCO for top partners
Be number one with N1!
The post N1 Partners in Three G Gate Awards Nominations appeared first on Americas iGaming & Sports Betting News.
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