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FDJ United may leave selected online gambling markets or sell non-core assets after tax increases across Europe reduced first-half revenue and profit.
Good To Know
- Gambling tax changes reduced online revenue by almost €24 million.
- FDJ United may exit selected markets but has not named them.
- Adjusted net profit fell 19% to €180 million.
FDJ United Reviews Online Portfolio
The review covers online betting and gaming operations inherited through the €2.45 billion Kindred Group acquisition completed in October 2024. FDJ United now owns brands including Unibet across the UK, Netherlands, Scandinavia, Italy, Australia and Ontario.
Management wants to direct spending toward markets with stronger returns, stabilise gross gaming revenue and reduce exposure to higher taxes. Possible actions include country exits and sales of activities outside the main gambling business.
“The group’s performance in the first half of the year continued to be impacted by increased taxes,” President and CEO Stéphane Pallez said.
Online betting and gaming GGR remained almost flat at €702 million. However, net revenue fell 7.4% to €431 million as higher levies in France, the UK, the Netherlands and Romania removed nearly €24 million. Excluding the UK and Netherlands, GGR increased 6.6%.
The UK created the largest new tax risk. Remote Gaming Duty rose from 21% to 40% on April 1, 2026. A separate 25% rate for most remote sports betting will begin on April 1, 2027, replacing the current 15% rate. UK horse racing bets will remain outside the new rate.
FDJ United has not indicated an immediate departure from either the UK or Netherlands. A new management team is working on marketing, product changes and player experience, with the UK recovery plan expected to produce results by the end of 2026.
Dutch GGR performance also improved during the period. The year-on-year decline narrowed from 15% in Q1 to 4.1% in Q2.
Taxes And Heat Reduce Group Earnings
Group GGR fell 1.3% to €4.31 billion, while revenue dropped 4.5% to €1.78 billion. Recurring EBITDA declined from €441 million to €404 million, leaving a 22.7% margin. Adjusted net profit fell 19% to €180 million.
Pallez also linked weaker French retail activity to unusually hot weather, which reduced visits to lottery and betting outlets.
Lottery remained the largest operation, generating €3.43 billion in GGR. Retail sports betting produced €1.24 billion, keeping both businesses well ahead of the online division.
FDJ United is separately assessing businesses within its payments and services unit, including assets connected to Aleda, Bimedia and L’Addition. The company did not identify any planned sale.
Payments and services generated €30 million in first-half revenue but recorded a €3 million EBITDA loss.
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