FDJ United's nine-month revenue falls 5.6% as Dutch and UK weakness and higher gaming taxes weigh

FDJ United has reported weaker results for the first nine months of 2026, with trading in the Netherlands and the United Kingdom cited as the main drags. In its year-to-date accounts, published after the Paris market close, the French group said gross gaming revenue would have grown 5.7% had those two markets been excluded.

Over January to September, group revenue fell 5.6% to €2.57bn, while GGR declined 2.8% to €6.26bn. The company's main asset in both problem markets is the Unibet sportsbook, and in the UK it also operates the 32red online casino. Both came into the group in 2024 through the acquisition of Sweden's Kindred Group. Action plans are in place in both countries, which FDJ United expects to produce a gradual improvement.

Taxation remained a significant burden. The company cited rates of 59.3% on online betting GGR in France, 37.8% on all online gaming GGR in the Netherlands and 40% on online casino GGR in the UK. As a result, its total 2026 tax bill has increased by €62m. Chairwoman and CEO Stéphane Pallez said the figures reflect factors inherent to the sector, including lower traffic at points of sale in an unfavorable economic climate and the expected increase in taxation.

France, which the company named as one of its stronger areas along with Scandinavia, also showed declines. GGR in the French lottery and retail sports betting segment fell 3.5% to €4.97bn, and revenue dropped 4.8% to €1.79bn. Lottery revenue slipped 3.8% to €1.49bn, with a 10.3% fall in draw games the main factor. Sports betting revenue fell 4.5% to €613m, and online betting and gaming revenue declined 8.2% to €619m.

FDJ United has outlined a four-pillar recovery plan: refreshing lottery products, improving online returns, consolidating its sportsbook technology stack and reviewing resource allocation to non-core units. Pascal Chaffard, the new Chief Online Officer who replaced former Kindred CEO Nils Anden in the first quarter, will lead a digital-focused strategy. The group is accelerating a single proprietary sportsbook platform, aiming to cover most markets by the end of 2027. In French retail, it plans more draw-game events from the fourth quarter, relaunch campaigns for Euromillions and Lotto+, and the return of a €10 instant game in 2027. A review of non-core assets, particularly in Payment and Services, is due by early 2027 at the latest.

Looking ahead, FDJ United expects a low-single-digit decline in GGR and a mid-single-digit decline in revenue, with a tax impact of more than €70m. It is prioritising cost controls and targets a recurring EBITDA margin of around 23%.