Market Monitor: France Q1 2020

Online poker revenue in the French regulated market grew 44% year-over-year to €98 million. It is by far the largest single quarter, both in absolute and relative terms, since the market opened in 2010.

The growth is in large due to the coronavirus and subsequent stay-at-home orders in the country. However, it is the fourth quarter of straight revenue growth, and all but two quarters in the last three years have seen some gains, so it comes from a pre-existing base of stability.

Growth came in both cash games and tournaments. The change in the former was comparatively slight, up 24% year-over-year, though is still the best on record. Tournaments grew a more pronounced 54%.

Tournament poker now accounts for 71% of the total online poker market in France, by far its largest share to date. A year ago, the split was 66/34 towards tournaments; back in 2013, cash games were the more popular variant.

The average buy-in in both sit-and-go and MTT tournaments was broadly in line with previous quarters. In SNGs, and average buy-in of €7.40 is a decline on €8.20 a year ago, though is in line with the prior three quarters. In MTTs, the average buy-in was €5.50, higher than €4.60 a year ago, but below historic averages seen in 2015 to 2018.

Revenue in both online sports betting and horse racing also grew in Q1 2020, despite many such sporting events being suspended in March. Sports revenue hit an all-time high of €263 million, up 18% year-over-year. Horse racing also hit a record high of €74 million, up 10% on last year.

However, the lockdown only impacted the last weeks of the reporting period. The full effects of the coronavirus will not be felt until Q2.

All combined, the online gambling market in France reached a historic revenue high of €435 million last quarter, up 22%. Online poker constituted a 22.5% share of this market, its best in two years.