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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

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la-francaise-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
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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

Latest News

Behind the Game: Retention That Drives Revenue

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Traffic performance isn’t just about volume or source. What really matters is how well the product turns the first deposit into repeat ones. That’s what drives conversion, retention, repeat deposits, and ultimately LTV — and that’s what defines a partner’s real revenue.

Behind the Game is a series of expert-driven articles where N1 Partners’ gambling affiliate program teams break down what’s happening inside the product and which decisions actually move key metrics.

In this edition, we focus on retention and how it impacts product sustainability and partner earnings.

Why Retention Turns Traffic Into Revenue

Retention is the clearest indicator of whether your traffic matches the actual value of the product. If players don’t come back after their first deposit, the product simply doesn’t convert in the long run.

In Tier-1 GEOs, acquisition costs can reach hundreds of euros. If players don’t make repeat deposits, both the operator and the partner lose. 

That’s why success isn’t just about acquisition — it’s about product quality. The N1 Partners portfolio includes high-converting brands with Reg2Dep reaching up to 70% and strong LTV, allowing partners to monetize traffic more efficiently and reach profitability faster.

1. What “Healthy Retention” Looks Like in 2026

In 2026, retention is no longer measured by a single metric. It’s a combination of signals across the entire post-FTD journey.

The key is not just how many players return, but where they drop off.

What key indicators help quickly assess retention quality after FTD?

The core metrics are funnel progression and cohort analysis. Players who move quickly through stages like 1–6 / 1–8 deposits typically form a loyal, active base.

All further communication and retention flows are built to increase transition rates across these stages.

Where does the player journey usually break after the first deposit, and how is it reflected in the data?

The most sensitive point in the FTD funnel is the 1-2 deposit transition. After the first deposit, players start actively testing the product.

At this stage, retention is influenced by several factors: product UX, game variety, overall experience, and withdrawal speed.

All of these pain points are taken into account when building communication flows.

2. Why Retention Drops and What Can Be Fixed Fast

Retention drops are usually caused by mismatched expectations, bonus fatigue, weak personalization, or poor timing in communication.

Some issues can be fixed quickly via CRM and offer adjustments, while others require deeper product-level changes.

What are the top 3 reasons for retention drop across projects? What can be fixed quickly vs. what requires systemic changes?

Retention issues can be divided into three main groups.

Technical and operational issues: payment methods, access to the product, mirrors. These directly impact churn and can usually be fixed quickly. Solutions include alternative payment options, explanatory communication, temporary bonuses, and updated access points.

Product and retention mechanics: weak offers, low engagement. These require revisiting promo strategies, segmentation, and retention flows, and cannot be fixed instantly.

Traffic quality. This is the most complex area, as the issue may lie either in the traffic itself or in how it is processed. It requires behavioral analysis, source comparison, and hypothesis testing across offers, channels, and mechanics. In some cases, this leads to a full revision of the traffic strategy.

What traffic red flags almost always lead to weak retention?
  • A high share of players with only one deposit and an untouched balance is a major red flag and often indicates fraud.
  • Another common case is bonus hunters. These users exploit welcome offers and then either create duplicate accounts or move on to other brands with the same intent.

3. Reactivation and Bringing Players Back

Reactivation plays a critical role in extending LTV. Players may lose interest, shift habits, or move to other products — but that doesn’t mean they’re gone for good.

What are the key advantages of the reactivation funnel across N1 Partners projects?

The reactivation approach combines team experience with flexible scenarios. Multiple return flows are used, each with different types and values of offers.

Additionally, a system has been implemented to increase engagement after the player returns, which helps grow the share of repeat deposits within this segment.

Another key factor is the speed of identifying players who are about to churn. This is achieved through platform updates, filtering systems, and accumulated behavioral insights.

These elements, combined with a variety of offers and alternative communication channels such as SMS and call centers, make it possible to bring back players who are typically considered “lost.”

4. Mechanics That Actually Retain Players

Retention works best when the product taps into different player motivations: emotion and chance, progress and achievement, status and competition.

What unique features or promos across N1 Partners projects stand out and why do they work for retention?

With deeper analytics, the team gained a better understanding of player behavior and preferences. Promos are now built around real data: favorite games, average bets, and behavioral patterns, making them significantly more effective.

Key mechanics include front-facing features like Bonus Shop and Lucky Spin & Lucky Box. Around 60% of the loyal user base makes at least one purchase in the bonus shop monthly, while over 70% engage with randomizer mechanics.

Puzzle Hunt has also shown strong results, combining randomness with gamification through puzzle collection and a high-value final reward. This mechanic performs especially well among VIP players.

5. Building the Habit: Missions, Calendars, and Loyalty

Strong retention comes from giving players a reason to come back regularly.

Why do missions, calendar-based activities, and loyalty progression drive retention and LTV?

Gamification and FOMO play a key role. Mechanics are designed to drive continuous engagement:

  • Earning in-product points
  • Daily bonus loops (“come back every day”)
  • Loss aversion (miss a day – lose rewards)

Instant reward missions are especially effective. Players complete a task, get rewarded immediately, and return for the next one.

With a younger audience, the “here and now” principle becomes one of the strongest engagement drivers.

6. Loyalty and VIP: Why Progression Beats One-Off Bonuses

Loyalty programs outperform one-time bonuses when players have a clear sense of progression. Levels and checkpoints create momentum and give players a reason to keep coming back.

The key is balance: early levels must feel rewarding and accessible, while higher tiers and VIP rewards should motivate high-value players.

How can you tell if a loyalty program truly drives retention rather than just distributing bonuses?

Effectiveness is measured through impact on behavioral and financial metrics. Key indicators include repeat deposits, ARPU, GGR per player, retention, and churn rate.

It’s also critical to compare program participants with a control group. If participants generate higher revenue and stay active longer, the program is delivering value.

If bonus costs increase without corresponding growth in GGR or LTV, the program is likely just giving away money.

Why Retention Equals Long-Term Revenue

Retention determines whether traffic turns into long-term profit. When done right, the first deposit becomes the start of a cycle of repeat activity — not a one-off event.

If there’s one key criterion for choosing a RevShare brand, what should it be?

Repeat deposit rate. In RevShare models, partner revenue depends on player lifetime. The more often players deposit, the higher the total earnings.

This is exactly why it’s crucial to work with products that already deliver solid performance across key metrics. N1 Partners gambling affiliate program brings together 14+ casino and betting brands across 10+ Tier-1 GEOs, offering competitive scaling conditions — CPA up to €700 for top partners and RevShare up to 45% + NNCO.

A product that consistently retains players and grows LTV delivers stable, long-term revenue — and that’s what makes it worth scaling.

Be number one with N1 Partners 

Continue Reading

Game Development

Weekend Reels: Slot Drops & Trends Shaping the Market

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weekend-reels:-slot-drops-&-trends-shaping-the-market

A closer look at the latest slot releases and the mechanics driving the current design direction

The latest wave of slot releases highlights a market that is no longer driven by volume alone, but by structure, retention, and increasingly complex gameplay systems.

Across recent launches, suppliers are leaning into deeper mechanics — from progression layers and expanding grids to bonus-first formats and branded experiences designed for longer player engagement.

Rather than simply introducing new themes, the focus is shifting toward how games evolve and how players interact with features beyond the base spin.

System-Driven Design Takes the Lead

One of the clearest signals comes from Dark Waters III Power Combo: The Cursed Voyage™ by Games Global in collaboration with Just For The Win®. The title combines a progression meter, expanding grid mechanics, and evolving Free Spins, creating a layered experience that extends beyond traditional session-based play.

Similarly, MONOPOLY MEGAPOTS™ from Big Time Gaming demonstrates how branded content is evolving. Instead of relying purely on recognition, the game integrates high-density mechanics, scaling multipliers, and multiple feature layers, aligning familiar IP with modern gameplay expectations.

Branded Content Evolves Beyond Recognition

The release of Game of Thrones™ by Blueprint Gaming further reinforces this shift. Built around a progression-based structure, including a “Seven Kingdoms” map and feature modifiers, the title reflects a broader move toward IP-driven games that offer depth and continuity rather than surface-level branding.

Expanding Core Mechanics

Several releases highlight how established mechanics are being extended rather than replaced.

Candy Links Bonanza 3 by Stakelogic builds on a proven framework by introducing additional layers and enhanced jackpot features.

Ultra Buffalo Hold and Win from Booming Games follows a similar path, expanding the classic Hold and Win model with grid expansion and additional bonus elements.


Meanwhile, Fortune Dragon Joy by Habanero leans into high-volatility gameplay, combining traditional thematic elements with strong multiplier potential and feature carry-over.

Broader Market Activity

Alongside these standout releases, a range of additional titles reflects the industry’s current baseline:

  • Wazdan – Magic Fruit$: Oranges
  • PG Soft – Mayan Destiny
  • GAMOMAT – Frooty Troupe – Game On!
  • Pragmatic Play – Jelly Express
  • Greentube – Rumble Riches™ Haulin’ Gold™
  • BGaming – Sugar Merge Up™
  • BGaming / Perfect Position – Gates of Power
  • RAW iGaming – Fortune Teller’s Charm 6 BONUS RUSH

These releases continue to explore variations of bonus mechanics, thematic diversity, and mobile-first design, reinforcing broader industry trends.

From Games to Systems

Taken together, the latest releases point to a clear transition in slot development.

The focus is shifting from standalone gameplay experiences to structured systems built around retention, where progression, persistence, and feature layering play a central role.

As competition intensifies, differentiation is no longer achieved through theme alone, but through how effectively a game can sustain engagement over time.

The post Weekend Reels: Slot Drops & Trends Shaping the Market appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

Continue Reading

Behind the Game

Behind the Game: Retention That Drives Revenue

Published

on

behind-the-game:-retention-that-drives-revenue

Traffic performance isn’t just about volume or source. What really matters is how well the product turns the first deposit into repeat ones. That’s what drives conversion, retention, repeat deposits, and ultimately LTV — and that’s what defines a partner’s real revenue.

Behind the Game is a series of expert-driven articles where N1 Partners’ gambling affiliate program teams break down what’s happening inside the product and which decisions actually move key metrics.

In this edition, we focus on retention and how it impacts product sustainability and partner earnings.

Why Retention Turns Traffic Into Revenue

Retention is the clearest indicator of whether your traffic matches the actual value of the product. If players don’t come back after their first deposit, the product simply doesn’t convert in the long run.

In Tier-1 GEOs, acquisition costs can reach hundreds of euros. If players don’t make repeat deposits, both the operator and the partner lose. 

That’s why success isn’t just about acquisition — it’s about product quality. The N1 Partners portfolio includes high-converting brands with Reg2Dep reaching up to 70% and strong LTV, allowing partners to monetize traffic more efficiently and reach profitability faster.

1. What “Healthy Retention” Looks Like in 2026

In 2026, retention is no longer measured by a single metric. It’s a combination of signals across the entire post-FTD journey.

The key is not just how many players return, but where they drop off.

What key indicators help quickly assess retention quality after FTD?

The core metrics are funnel progression and cohort analysis. Players who move quickly through stages like 1–6 / 1–8 deposits typically form a loyal, active base.

All further communication and retention flows are built to increase transition rates across these stages.

Where does the player journey usually break after the first deposit, and how is it reflected in the data?

The most sensitive point in the FTD funnel is the 1-2 deposit transition. After the first deposit, players start actively testing the product.

At this stage, retention is influenced by several factors: product UX, game variety, overall experience, and withdrawal speed.

All of these pain points are taken into account when building communication flows.

2. Why Retention Drops and What Can Be Fixed Fast

Retention drops are usually caused by mismatched expectations, bonus fatigue, weak personalization, or poor timing in communication.

Some issues can be fixed quickly via CRM and offer adjustments, while others require deeper product-level changes.

What are the top 3 reasons for retention drop across projects? What can be fixed quickly vs. what requires systemic changes?

Retention issues can be divided into three main groups.

Technical and operational issues: payment methods, access to the product, mirrors. These directly impact churn and can usually be fixed quickly. Solutions include alternative payment options, explanatory communication, temporary bonuses, and updated access points.

Product and retention mechanics: weak offers, low engagement. These require revisiting promo strategies, segmentation, and retention flows, and cannot be fixed instantly.

Traffic quality. This is the most complex area, as the issue may lie either in the traffic itself or in how it is processed. It requires behavioral analysis, source comparison, and hypothesis testing across offers, channels, and mechanics. In some cases, this leads to a full revision of the traffic strategy.

What traffic red flags almost always lead to weak retention?
  • A high share of players with only one deposit and an untouched balance is a major red flag and often indicates fraud.
  • Another common case is bonus hunters. These users exploit welcome offers and then either create duplicate accounts or move on to other brands with the same intent.

3. Reactivation and Bringing Players Back

Reactivation plays a critical role in extending LTV. Players may lose interest, shift habits, or move to other products — but that doesn’t mean they’re gone for good.

What are the key advantages of the reactivation funnel across N1 Partners projects?

The reactivation approach combines team experience with flexible scenarios. Multiple return flows are used, each with different types and values of offers.

Additionally, a system has been implemented to increase engagement after the player returns, which helps grow the share of repeat deposits within this segment.

Another key factor is the speed of identifying players who are about to churn. This is achieved through platform updates, filtering systems, and accumulated behavioral insights.

These elements, combined with a variety of offers and alternative communication channels such as SMS and call centers, make it possible to bring back players who are typically considered “lost.”

4. Mechanics That Actually Retain Players

Retention works best when the product taps into different player motivations: emotion and chance, progress and achievement, status and competition.

What unique features or promos across N1 Partners projects stand out and why do they work for retention?

With deeper analytics, the team gained a better understanding of player behavior and preferences. Promos are now built around real data: favorite games, average bets, and behavioral patterns, making them significantly more effective.

Key mechanics include front-facing features like Bonus Shop and Lucky Spin & Lucky Box. Around 60% of the loyal user base makes at least one purchase in the bonus shop monthly, while over 70% engage with randomizer mechanics.

Puzzle Hunt has also shown strong results, combining randomness with gamification through puzzle collection and a high-value final reward. This mechanic performs especially well among VIP players.

5. Building the Habit: Missions, Calendars, and Loyalty

Strong retention comes from giving players a reason to come back regularly.

Why do missions, calendar-based activities, and loyalty progression drive retention and LTV?

Gamification and FOMO play a key role. Mechanics are designed to drive continuous engagement:

  • Earning in-product points
  • Daily bonus loops (“come back every day”)
  • Loss aversion (miss a day – lose rewards)

Instant reward missions are especially effective. Players complete a task, get rewarded immediately, and return for the next one.

With a younger audience, the “here and now” principle becomes one of the strongest engagement drivers.

6. Loyalty and VIP: Why Progression Beats One-Off Bonuses

Loyalty programs outperform one-time bonuses when players have a clear sense of progression. Levels and checkpoints create momentum and give players a reason to keep coming back.

The key is balance: early levels must feel rewarding and accessible, while higher tiers and VIP rewards should motivate high-value players.

How can you tell if a loyalty program truly drives retention rather than just distributing bonuses?

Effectiveness is measured through impact on behavioral and financial metrics. Key indicators include repeat deposits, ARPU, GGR per player, retention, and churn rate.

It’s also critical to compare program participants with a control group. If participants generate higher revenue and stay active longer, the program is delivering value.

If bonus costs increase without corresponding growth in GGR or LTV, the program is likely just giving away money.

Why Retention Equals Long-Term Revenue

Retention determines whether traffic turns into long-term profit. When done right, the first deposit becomes the start of a cycle of repeat activity — not a one-off event.

If there’s one key criterion for choosing a RevShare brand, what should it be?

Repeat deposit rate. In RevShare models, partner revenue depends on player lifetime. The more often players deposit, the higher the total earnings.

This is exactly why it’s crucial to work with products that already deliver solid performance across key metrics. N1 Partners gambling affiliate program brings together 14+ casino and betting brands across 10+ Tier-1 GEOs, offering competitive scaling conditions — CPA up to €700 for top partners and RevShare up to 45% + NNCO.

A product that consistently retains players and grows LTV delivers stable, long-term revenue — and that’s what makes it worth scaling.

Be number one with N1 Partners 

The post Behind the Game: Retention That Drives Revenue appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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