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09/2022100%

Zeturf Group acquired by Groupe FDJ

FRANCE Gambling & Betting EV €100–350M

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 [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of [members only].

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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.

Ent. Value

€100–350M

Equity Value

[members only]

Multiples

EV / Revenue

1x–3x

EV / EBITDA

[members only]

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€100–200M
[members only]
[members only]
2020
€100–200M
[members only]
[members only]

Other operations with Groupe FDJ

Other operations with Groupe FDJ
DateAcquirerTargetCountrySector
01/2024GROUPE FDJKINDRED GROUPSWEDENGambling & Betting
11/2023GROUPE FDJPREMIER LOTTERIES IRELAND (PLI)IRELANDGambling & Betting

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06/2025FLUTTER ENTERTAINMENTSNAITECHITALYGambling & Betting
01/2024GROUPE FDJKINDRED GROUPSWEDENGambling & Betting
11/2023GROUPE FDJPREMIER LOTTERIES IRELAND (PLI)IRELANDGambling & Betting
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REFERENCES

Valuation range: EV €100–350M

Revenue range: €100–200M

EV/Revenue range: 1x - 3x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: zeturf group

FAQ

What transaction does this page cover?

This page covers Groupe FDJ’s acquisition of 100% of Zeturf Group, a French company specialised in Gambling & Betting, in 2022.

How was the acquisition of Zeturf Group by Groupe FDJ valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the €100–350M band and its EV/revenue multiple within the 1x - 3x range. Exact figures are available to members.

What was Zeturf Group’s revenue at the time of the deal?

At the time of the transaction, Zeturf Group’s annual revenue was estimated within the €100–200M range (FY 2021). Detailed financial figures are available to members.

What sources support the information on this transaction?

Transaction data and operational intelligence were compiled from independent financial press reporting by specialized M&A publications.

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