FDJ United Q3 Revenue Drops 8.1% to €794 Million

FDJ United expects revenue to fall by a mid-single-digit percentage in 2026 after cutting its annual targets for the third time. The revised forecast includes more than €70 million in additional gaming taxes.

---

Good to Know

• Q3 revenue fell 8.1% to €794 million, while gross gaming revenue dropped 6.1%.
• FDJ United still plans to increase its annual dividend.
• Reviews of online gambling markets and non-core assets will conclude by early 2027 at the latest.

---

FDJ United Reviews Online Operations as Revenue Falls

FDJ United is reviewing its online betting and gaming markets alongside non-core assets, particularly payment and services. Meanwhile, the group aims to introduce a single proprietary sports betting platform across most of its markets by the end of 2027.

Performance varied sharply across online operations. Nine-month gross gaming revenue fell 24.4% in the UK and 8.6% in the Netherlands, where the company is implementing recovery plans. Excluding those countries, online GGR grew 5.7%, helped by France and Scandinavia.

However, higher taxes widened the gap between gambling activity and reported revenue. Online GGR slipped just 0.8% to €1.013 billion, while revenue dropped 8.2% to €619 million. Additional taxes cost the division €34 million.

Across the group, gaming tax increases reached €62 million through September. French lottery and retail sports betting accounted for the remaining €28 million.

FDJ United now forecasts a low-single-digit annual GGR decline and a recurring EBITDA margin of around 23%. In February, it had expected GGR growth, slightly higher revenue and a 24.5% margin. Cost controls support the latest margin target.

Nevertheless, the company retained its annual dividend growth target, with a payout ratio of at least 75% of adjusted net profit.

Fewer EuroMillions Jackpots Reduce Lottery Revenue

Large EuroMillions jackpots became less frequent. Through September, only 12 exceeded €130 million, compared with 27 a year earlier. Just one exceeded €200 million, against 12 previously.

Draw-game revenue consequently fell 12.2% over nine months and 17.3% in Q3. Instant games performed better, recording growth of 0.3% and 1.1%, respectively.

Retail sports betting also faced higher payouts. The player payout ratio increased by more than four percentage points to nearly 80%, while weaker economic conditions reduced visits to French sales outlets.

Chairwoman and CEO Stéphane Pallez said:

“FDJ United’s performance at the end of September reflects factors inherent to the gaming sector, a decrease in traffic at points of sale against a backdrop of an unfavorable economic climate, as well as the expected increase in taxation.”

French lottery and retail sports betting revenue fell 4.8% to €1.794 billion over nine months. Elsewhere, ending unprofitable B2B contracts contributed to a 4.7% international lottery revenue decline, although Premier Lotteries Ireland grew 2.1%.

Total nine-month revenue declined 5.6% to €2.576 billion, against a 2.8% GGR decline to €6.264 billion.

The post FDJ United Q3 Revenue Drops 8.1% to €794 Million appeared first on iGaming.org.