Implications of Pascal Chevremont’s FDJ Oversight for France’s State-Favored Consolidation, Tax Stability, and Online Casino Debate

The French government has proposed long-serving civil servant Pascal Chevremont as the new President of the Autorité Nationale des Jeux (ANJ). He would replace outgoing President Isabelle Falque-Pierrotin, whose six-year term ends amid debate over a potential online casino market, the industry’s adjustment to a new tax regime, and entry of new operators.

Sébastien Lecornu, from the Office of the French Prime Minister, put forward the nomination, which has been taken on board by the office of President Emmanuel Macron. Confirmation now rests with relevant committees of the National Assembly and Senate, though with the government holding the largest bloc in the Assembly, approval appears likely.

As someone who has spent decades observing the evolution of regulated gambling markets, I see this transition as more than a personnel change. It signals continuity in France’s tightly managed approach to gaming, where state interests remain central.

Chevremont’s Background in Public and Private Sector Oversight

Pascal Chevremont currently serves as General Economic and Financial Controller at the Ministry of Economics and Finance, a role he has held since 2018. He joined the Ministry in 2017 as a Project Manager and operates within its General Economic and Financial Inspectorate.

His responsibilities include direct oversight of FDJ United, the state-owned lottery and retail sports betting monopoly. This experience gives him intimate knowledge of both regulatory mechanics and the operational realities of a major government-backed player.

Chevremont’s track record spans public sector financial control and exposure to private sector dynamics. That blend positions him to navigate the tensions between state revenue goals and market evolution.

From my perspective, such dual exposure is valuable when regulators must balance innovation with fiscal priorities. It reduces the risk of policy disconnects that can stall commercial progress.

FDJ United’s Expansion and the Pattern of State-Favored Consolidation

Under Chevremont’s oversight, FDJ United pursued significant growth moves. The company acquired Kindred Group in 2024, adding the Unibet and 32red brands to expand online gaming capabilities. It also completed the acquisition of Premier Lotteries Ireland (PLI) in 2023.

These steps prompted the rebrand from La Française des Jeux (FDJ) to FDJ United in March 2025, shifting focus toward betting activity in France and across Europe. Yet quarterly results over the past year have shown the company facing numerous challenges.

This pattern of state-favored consolidation raises strategic questions for private operators. When a government-backed entity leverages regulatory familiarity and acquisition firepower, it can crowd out or reshape competitive dynamics.

For client-partners evaluating French market entry, the signal is clear. Success may depend on alignment with, rather than direct challenge to, entities that enjoy implicit state preference. This structural reality could influence partnership strategies and investment calculus going forward.

Tax Regime Stability and Its Operational Impact

In 2025 the French Senate approved a series of gambling tax changes that increased the burden on operators. FDJ reported a hit of €24m from gaming taxes in Q1 2025 and expects a hit of €90m (£78m) for 2026 as a whole.

The July 2025 hikes adjusted rates as follows: online sports betting GGR from 54.9% to 59.3%; retail betting GGR from 41.1% to 42%; online poker from 0.2% of stakes to 10% of GGR; and lottery revenues from 68% to 69%. The explicit goal was to raise additional funds for the country’s social security budget.

These increases create immediate margin pressure. Operators must absorb higher costs while competing for player acquisition in a maturing market. New entrants such as bet365, which launched in France last week under an ANJ licence, will calibrate their offerings against this fiscal backdrop.

Alex Sefton, Global Chief Marketing Officer at bet365, stated the company is “thrilled to create a product and experience tailored specifically for French players.” That optimism is welcome, yet sustained viability will hinge on whether tax stability materializes or further hikes follow.

A risk here is unintended consequences. Elevated rates can push marginal activity toward less regulated channels, undermining both revenue collection and consumer protections. France’s experience may test whether aggressive taxation and controlled liberalization can coexist without leakage.

The Stalled Online Casino Liberalization and Regulatory Continuity

The prospect of legalizing online casino remains a topic of speculation. The government pulled a related proposal from its 2025 budget, leaving the status quo intact. FDJ holds the monopoly on lotteries and retail betting, Pari-Mutuel Urban (PMU) runs horse racing pools, and an open market exists for physical casinos and online betting.

The current online betting market includes FDJ, PMU, Betclic, ZEturf, bet365, and others. Meanwhile, Betclic Group—the betting arm of Banijay Entertainment—expanded its continental footprint when its parent acquired Tipico Group.

The Casinos de France trade body has opposed liberalization, arguing it could wipe €500m from public funds by damaging the land-based casino sector. This tension illustrates the political and economic trade-offs at play.

Chevremont’s deep familiarity with FDJ United suggests continuity in a model that privileges state-linked incumbents. His tenure, should it proceed, is likely to reflect the same measured approach that has characterized recent policy. That may mean prolonged uncertainty around online casino rather than swift liberalization.

The counterargument is that experienced stewardship could eventually create space for orderly expansion. Yet the risk of regulatory capture or excessive caution remains real when the regulator’s recent focus has centered on a state-controlled operator.

The Bottom Line

Pascal Chevremont’s nomination points to a French gambling regime that continues to favor structured consolidation, fiscal extraction, and cautious liberalization. His oversight of FDJ United’s acquisitions and rebranding equips him to manage the state’s interests, but it also underscores potential limitations for purely private innovation.

Operators and investors should watch how confirmation proceedings unfold and whether early signals from the new leadership address tax burden concerns or the online casino impasse. In a market defined by convergence of state control and commercial ambition, clarity on these fronts will shape competitive positioning for years ahead.

What remains to be seen is whether Chevremont can guide the ANJ toward balanced evolution that sustains revenue goals while allowing genuine market broadening. France stands at an inflection point where regulatory continuity must meet emerging commercial realities.