I think the decision to privatize La Française des Jeux is controversial because it brings clear financial advantages but also serious risks.
On the positive side, the state raises more than one billion euros to support technological innovation and still secures yearly contributions and license payments from the company. In addition, the government keeps some influence through board representation and veto rights, which reduces the loss of control.
However, I believe the disadvantages are also strong. The state gives up direct ownership of a profitable monopoly, which I see as selling off the “family jewels.” I also think that private investors, driven mainly by profit, could push more aggressive gambling practices and increase addiction risks, which goes against the original public service mission of protecting players.