Stéphane Pallez took charge of La Française des Jeux (FDJ) in November 2014. She took the French lottery public in 2019 and bought Kindred Group in 2024, creating FDJ United. Her current term at the head of the group runs until 2028.
Who Is Stéphane Pallez?
Stéphane Pallez chairs and runs FDJ United, one of Europe’s biggest gambling groups. The company runs France’s national lottery and sells online lottery games. It also owns the Unibet and 32Red brands through Kindred.
Her education follows a classic French civil service path, with degrees from the École Nationale d’Administration (ENA) and Sciences Po. She also holds an independent seat on the board of Legrand, a French electrical group.
Stéphane Pallez’s Career Before FDJ
Stéphane Pallez started her career at the French Treasury, inside France’s finance ministry. There, she helped several state-owned companies restructure and move into private hands.
In 2004, she moved to France Télécom-Orange as its deputy finance chief. Seven years later, she took the top job at CCR, a state-backed reinsurance company. That mix of public finance and corporate work shaped how she later ran FDJ.
| Year | Milestone |
| Before 2004 | Senior roles at the French Treasury |
| 2004 | Joins France Télécom-Orange as deputy finance chief |
| 2011 | Takes the top job at CCR |
| 2014 | Takes charge of FDJ |
| 2019 | FDJ lists on the Paris stock exchange |
| 2024 | Reappointed as CEO; FDJ completes the Kindred takeover |
| 2025 | FDJ Group renames itself FDJ United |
How Stéphane Pallez Turned FDJ Into FDJ United
When Pallez arrived, FDJ was a state-owned lottery focused on France. She pushed more games online and grew the group’s sports betting business. In November 2019, the state sold 52% of FDJ, kept about 20%, and listed it on Euronext Paris.
Under her watch, FDJ also launched iDecide with Scientific Games. Players scan a paper ticket and keep playing on their phone, a hybrid of retail tickets and online scratch cards.
Acquisitions followed in 2023, when FDJ bought Premier Lotteries Ireland and ZEturf, an online brand for horse racing betting. In January 2024, it offered €2.45 billion for Kindred Group and closed the takeover that October.
| Deal | Year | What It Added |
| Premier Lotteries Ireland | 2023 | Operator of the Irish National Lottery |
| ZEturf | 2023 | Online horse racing betting |
| Kindred Group | 2024 | Unibet, 32Red and online casino brands across Europe |
| FDJ United rebrand | 2025 | One name for a group with staff in 13 countries |
Kindred had already announced its US exit in late 2023, before FDJ made its offer. Unibet left New Jersey, Pennsylvania, Arizona, Indiana and Virginia by mid-2024.
FDJ United’s Results in 2025 and 2026
Stéphane Pallez now faces her hardest stretch at the top. FDJ United made €3.7 billion in revenue in 2025, but net income fell 56% to €175.9 million. Higher gambling taxes across its main markets took a big bite.
The Kindred business also struggled, with revenue dropping 11.8% to €908 million. Kindred boss Nils Andén then announced his departure from the group.
In April 2026, FDJ United cut its full-year targets, and its shares fell over 7% the next day. First-half revenue then slipped 4.5% to €1.78 billion. Pallez blamed higher taxes, normal lottery swings and summer heatwaves that kept shoppers away from stores.
Her Play Forward 2028 plan, unveiled in June 2025, targets about 5% yearly organic growth. It also targets a recurring EBITDA margin above 26% by 2028.
Pallez’s Stance on Online Casinos in France
France is the last major Western European market without legal online casinos. Many operators want that to change, yet Stéphane Pallez stays cautious. She argues that legal casino sites would not wipe out the illegal market or fix public finances.
She also says online casino games carry higher addiction risks than lottery or sports bets. In January 2026, she set out FDJ United’s Safe Play plan to spot and support at-risk players. Players in America can use similar responsible gambling tools at licensed sites.
In the United States, each state writes its own gambling laws, so the rules change at every state line. As a result, real money online casinos are legal in only a handful of states.
| Feature | France | United States |
| Regulator | ANJ, one national regulator | State gaming commissions |
| Online casinos | Not legal | Legal in a handful of states |
| Lottery | FDJ holds the monopoly | Each state runs its own lottery |
| Online sports betting | Licensed nationwide since 2010 | State by state since 2018 |
The Bottom Line
In just over a decade, Stéphane Pallez turned a state-run lottery into a listed European gambling group. Her next test is steering FDJ United through heavy taxes and a weak 2026. Watch the French online casino debate and her 2028 targets for her next moves.
Frequently Asked Questions
Who is Stéphane Pallez?
Stéphane Pallez chairs FDJ United’s board and runs the business day to day. The group operates France’s national lottery, and she took the top job in November 2014. Her current term ends in 2028.
What did Stéphane Pallez do before FDJ?
She held senior Treasury posts, where she worked on selling state-owned companies. She then spent seven years as deputy finance chief at France Télécom-Orange. After that, she ran CCR, a state-backed reinsurer, until she moved to FDJ.
Why did FDJ buy Kindred Group?
Kindred gave FDJ a large online betting and casino business outside France. FDJ offered €2.45 billion in January 2024 and completed the deal that October. It added brands like Unibet and 32Red.
Does FDJ United operate in the United States?
No. Kindred withdrew Unibet out of every US state by mid-2024, before the FDJ deal closed. The American market is led by companies like DraftKings, co-founded by Matt Kalish.
What does Stéphane Pallez think about online casinos?
Pallez calls FDJ United open to debate but cautious about legal online casinos in France. She says they carry more addiction risk and would not solve the illegal market.
