FDJ United has lowered its 2026 financial outlook after reporting a 5.6% revenue decline to €2.576bn in the first nine months of the year. Higher gaming taxes, fewer major lottery jackpots, and weaker performance in key European markets drove the downturn.
According to the company’s official financial results published on 21 October, gross gaming revenue (GGR) fell 2.8% to €6.264bn, while additional gaming taxes had a €62m impact on revenue.
FDJ United reported €2.576bn in revenue for the first nine months of 2026, down 5.6% year on year.
Gross gaming revenue decreased 2.8% to €6.264bn, affected by weaker lottery activity and higher sports betting payouts.
Gaming tax increases reduced the group’s revenue by €62m during the reporting period.
Online betting and gaming revenue fell 8.2% to €619m, with the UK and Netherlands remaining challenging markets.
The company now expects a mid-single-digit revenue decline for 2026 while maintaining a recurring EBITDA margin target of approximately 23%.
FDJ United attributed its weaker performance to several factors, including fewer large EuroMillions jackpots and declining customer traffic at French retail locations. Lottery GGR fell 3.5% to €4.365bn, with draw-based games down 10.3%. Instant games performed better, growing 1.9%.
Retail sports betting revenue also fell 4.5% to €297m, partly due to higher player winnings in the third quarter.
The results follow a broader slowdown in France’s traditional gambling sector. Recent figures from the French gambling market showed that overall GGR rose just 0.5% in the first half of 2026, despite stronger online activity.
FDJ United Chairwoman and CEO Stéphane Pallez said:
FDJ UNITED’s performance at the end of September reflects factors inherent to the gaming sector.
FDJ United’s online betting and gaming division generated €619m in revenue, down 8.2%, despite GGR remaining relatively stable at €1.013bn. Excluding the UK and Netherlands, divisional GGR increased 5.7%, supported by stronger performance in France and Scandinavia.
Both markets have introduced additional regulatory and financial pressures. The UK’s Remote Gaming Duty increased to 40% in April, while the Netherlands raised its gambling tax rate to 37.8% in 2026. Dutch operators have also faced higher online gambling licensing fees, adding to operating costs.
To restore growth, the company is optimising marketing expenditure, improving customer retention and consolidating its sportsbook technology. The company is developing a single proprietary sports betting platform to serve most of its markets by the end of 2027.
FDJ United is also reviewing its market presence and non-core assets, with conclusions expected by early 2027.
For 2026, the group now forecasts a low-single-digit decline in GGR and a mid-single-digit decline in revenue. Despite these pressures, it expects to maintain a recurring EBITDA margin of around 23%.
The revised outlook highlights how taxation, player activity and operational efficiency are increasingly shaping the financial performance of Europe’s major gambling operators.
