France to Privatize National Lottery?
The French Government plans to sell around 50% of the Francaise des Jeux, according to “The Journal du Dimanche.” This will effectively begin the process of privatizing the country’s national lottery, following through on an election promise from French President Emmanuel Macronto raise public funds for innovation.
According to reports, the sale could raise up to €10 billion for public funds, should the shares be made available for public offering. The French state would then retain approximately a quarter of the holdings in the company, down from its current 72%.
While the French Ministry for the Economy and Finance has not yet commented publically on the Francaise des Jeux privatization plans, it is commonly expected that the French Government will release a report with further details in the coming month.
The Francaise des Jeux pledged to invest significantly into the development of its physical network by 2020, marking €180 million for infrastructure improvements. Per the company’s 2017 financial report, €90 million of that pledge is already in the process of updating elements such as 6,000 new terminals.
Currently, the Francaise des Jeux touts itself as the fourth largest global lottery, with €15.1 billion in sales at the end of 2017. They employ 2,180 individuals and provide over 30,000 points of sale, with 95% of all bets returned to the community via projects, sports funding, retailers and its customers.