French Government Moves To Divest From Major Gambling Group

Initial legislation to reduce stake in Francaise des Jeux introduced earlier this week

The French government has made initial moves beginning the process of reducing its interest in major gambling group Francaise des Jeux from the current 72 percent to around 22 percent, introducing enabling legislation earlier this week.

Following last year’s elections the new government announced its plans to sell off some of its stake in the gambling group, along with those of national airport operator Aeroports de Paris SA (ADP) and energy provider Engie SA.

The proceeds, expected to top Euro 15 billion, will be dedicated to setting up and financing a government fund for innovation and industrial investment, a key pledge in president Emanuel Macron’s election campaign.

French government officials say that the legislation will likely only be reviewed and voted on later this year, at the earliest after the summer recess, and that an IPO will probably not take place before 2019.

Francaise des Jeux posted sales of over Euro 15 billion last year, a year-on-year increase of 5.7 percent from operations that include online and retail lottery, scratch cards, and sports betting.

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Brian Cullingworth

Brian Cullingworth

Infopowa news was a staple of Casinomeister’s news from 2000 until 2019. Brian Cullingworth was the main writer, contributor, and was one of the most knowledgeable persons I have ever known involved in the online casino industry.

We first met in January 2001 at the ICE in London where I observed him going booth to booth interviewing online casino, software, and licensing jurisdiction representatives. Brian was also heavily involved with our forum as “Jetset“, he was involved as an informal consultant to eCOGRA, the OPA, and was a player advocate who assisted countless aggrieved players with his connections to industry folks. He also published “Casino Cautions” via Infopowa news for quite a number of years. These can be found in our news archives.

His passing in February 2019 was a dark day for us. He will be forever missed.

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