At what enterprise value was ZETURF GROUP acquired in 2022?

During the acquisition of ZETURF GROUP by GROUPE FDJ in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 100M - 350M EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Retail & Consumer industry currently tracks an average EBITDA multiple of 11.0x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of ZETURF GROUP when it was acquired by GROUPE FDJ?

The exact EV/EBITDA multiple for ZETURF GROUP is available on mynth capital. For comparison, the Retail & Consumer sector currently shows an average EBITDA multiple of 11.0x. Join our community for free to access full valuation data and industry trends.

When was ZETURF GROUP acquired by GROUPE FDJ?

ZETURF GROUP was acquired by GROUPE FDJ in 2022.

What was the revenue of ZETURF GROUP at the time of the deal?

The revenue of ZETURF GROUP at the time of the deal is estimated to be in the range of 100M - 200M EUR. Register for free to access the full transaction report and exact valuation multiples.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the ZETURF GROUP acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the ZETURF GROUP deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.fdjunited.com/wp-content/uploads/2023/12/chiffre-d-affaires-en-progression-de-4-sur-neuf-mois-finalisation-de-l-acquisition-de-zeturf-fin-septembre-et-de-pli-d-but-novem.pdf

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Home Database Retail & ConsumerZETURF GROUP

09/2022

ZETURF GROUP acquired by GROUPE FDJ

FRANCE Gambling & Betting EV 100M - 350M EUR

Context

Groupe FDJ announced the acquisition of 100% of ZEturf Group to strategically enter the online horse racing and poker markets. This transaction is a key component of FDJ’s broader ambition to become a dominant player in the competitive online gaming sector, moving beyond its traditional lottery roots. By acquiring ZEturf, FDJ becomes the fourth-largest operator in the French competitive online gaming market, with a combined market share exceeding 10%. The strategic rationale centers on horizontal integration in a mature market, allowing FDJ to double its competitive online revenue through a single "bolt-on" acquisition. The deal provides FDJ with immediate access to ZEturf's proprietary technology and its established international presence in Belgium, Spain, and the Netherlands. This acquisition, alongside the purchase of Premier Lotteries Ireland, underscores FDJ's shift toward a more balanced revenue profile, blending stable monopoly cash flows with high-growth competitive digital assets. The integration is expected to yield significant operational synergies and be accretive to the group's contribution margin by 2025.

ZETURF GROUP, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the Retail & Consumer sector (11.0x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Founded in 2001 by Emmanuel de Rohan Chabot, ZEturf is a prominent European online gambling operator and the primary challenger to the historic PMU in the French horse racing market. The group operates under two main brands: ZEturf, specialized in horse racing, and ZEbet, which focuses on online sports betting and poker. With a 20% market share in French online horse racing, the company has successfully expanded its footprint internationally, establishing active operations in the Netherlands, Belgium, and Spain. Its business model is centered on a digital-native approach, leveraging a loyal user base and a competitive odds structure to challenge legacy monopolies. At the time of acquisition, the group reported significant wagering volumes, positioning itself as a key consolidator in the European "Ready-to-Play" digital ecosystem.

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Similar deals in Retail & Consumer

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
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01/2024	GROUPE FDJ	KINDRED GROUP	SWEDEN	Gambling & Betting	Groupe FDJ has launched a recommended public tender offer to acquire 100% of the share capital of Kindred Group. The offer, made at 130 SEK per share, represents a significant premium over Kindred’s historical trading prices (24% over the last closing price and 35% over the 30-day VWAP). This transaction is a transformative step for FDJ, creating a European gambling giant with a highly digitalized profile. The strategic rationale is centered on geographic and product diversification: the combined entity will see its international revenue share jump from 6% to 20%, while digital revenue will double to 29% of the total Gross Gaming Revenue
11/2023	GROUPE FDJ	PREMIER LOTTERIES IRELAND (PLI)	IRELAND	Gambling & Betting	Groupe FDJ has finalized the acquisition of 100% of the share capital of Premier Lotteries Ireland (PLI) for a total consideration representing a strategic move into the international lottery market. This acquisition marks FDJ’s first major venture as a foreign national lottery operator, securing the exclusive rights to the Irish National Lottery through 2034. The strategic rationale for the deal is to capitalize on the high degree of operational and philosophical alignment between the two organizations, particularly regarding responsible gaming and community redistribution
12/2020	GAMENET GROUP	LOTTOMATICA	ITALY	Gambling & Betting	IGT’s Italian B2C businesses has been acquired by Gamenet Group, a subsidiary of the Apollo-backed Gamma Bidco. Strategically, this acquisition marks the creation of the undisputed market leader in the Italian gaming sector, effectively doubling the group’s size and significantly enhancing its competitive moat across online and retail channels. The rationale for the deal centers on achieving significant cost synergies—projected at up to 50 million EUR annually within 24 months—and the vertical integration of high-quality B2C assets
10/2017	BLACKSTONE	JOA	FRANCE	Gambling & Betting	Blackstone has completed the acquisition of JOA, one of France’s leading casino operators. The transaction follows a competitive sale process and marks a new phase in the company’s development after a period of restructuring and repositioning that strengthened its market position and operational foundations. For Blackstone, the investment is consistent with its strategy of backing established businesses operating in regulated markets with attractive consolidation opportunities. The firm intends to support JOA’s next stage of growth by building on the strength of its brand, nationwide casino network and complementary portfolio of gaming, hospitality and digital entertainment activities

REFERENCES

Valuation range: EV 100M - 350M EUR

Revenue range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of ZETURF GROUP by GROUPE FDJ are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: zeturf group

Acquirer: groupe fdj