Will FDJ United’s (ENXTPA:FDJU) Expanded Kambi Partnership Reshape Its Digital Growth Trajectory?

• On November 19, 2025, Kambi Group announced an expanded multi-year Odds Feed+ agreement to enhance FDJ United's proprietary sportsbook, granting FDJ’s Online Betting & Gaming division access to a wider range of pre-match and live sports odds.
• This step marks a significant milestone in FDJ United’s migration toward an in-house sportsbook platform, potentially enriching its product lineup and competitive position in digital gaming.
• We'll examine how the expanded access to Kambi’s odds feed could accelerate FDJ United’s digital growth ambitions within its investment narrative.

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FDJ United Investment Narrative Recap

Shareholders in FDJ United need to believe in the company's ability to build a more integrated and robust digital gaming offering, capitalizing on the industry shift toward proprietary platforms. The recent expanded Odds Feed+ agreement with Kambi supports the critical near-term catalyst of elevating FDJ United’s digital sportsbook, though it does not materially alter the main risk: ongoing regulatory headwinds in core markets, which remain a key factor that could limit future revenue expansion and digital adoption.

Among FDJ United’s announcements, the October 15, 2025, guidance for a full-year revenue above €3.7 billion is especially relevant, as it gives context to how platform enhancements like the Kambi agreement fit within current growth expectations. The expanded agreement could offer incremental product differentiation but its immediate impact may be limited by rising compliance costs and continued integration expenses that remain in focus for medium-term margin recovery.

On the other hand, investors should not overlook the risk that tighter regulations in markets like the Netherlands or UK could ...

Read the full narrative on FDJ United (it's free!)

FDJ United's narrative projects €4.2 billion revenue and €509.3 million earnings by 2028. This requires 6.6% yearly revenue growth and a €187.5 million earnings increase from €321.8 million.

Uncover how FDJ United's forecasts yield a €33.93 fair value, a 46% upside to its current price.

Exploring Other Perspectives

Ten individual fair value estimates from the Simply Wall St Community range from €24.53 to €54.54 per share. While opinions differ sharply, many focus on regulatory uncertainty as a core issue shaping FDJ United’s future.

Explore 10 other fair value estimates on FDJ United - why the stock might be worth over 2x more than the current price!

Build Your Own FDJ United Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your FDJ United research is our analysis highlighting 4 key rewards and 3 important warning signs that could impact your investment decision.
• Our free FDJ United research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate FDJ United's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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