FDJ United has revised down its full-year revenue guidance following third-quarter headwinds in retail gaming and continued tax pressures. For the third quarter, gross gaming revenue (GGR) for the group fell 2.8 per cent year-on-year to six billion two hundred sixty million euros, while net revenue declined 5.6 per cent to two billion five hundred eighty million euros.
The company’s French lottery and retail sports betting operations experienced a gross revenue drop of 3.5 per cent to four billion nine hundred eighty million euros, accompanied by a 4.8 per cent decline in net revenue to one billion seven hundred ninety million euros. In FDJ United’s online sports betting and gaming division, gross revenue remained largely stable, dipping 0.8 per cent to one billion one million euros, whereas net revenue experienced the steepest drop across all segments, falling 8.2 per cent to six hundred nineteen million euros.
Consequently, the operator group, which incorporates brands such as Unibet following the takeover of Kindred Group, has downgraded its full-year outlook and now anticipates a mid-single digit decline in revenue for 2026, compared to its previous forecast of a low-single digit drop issued during Q2 results.
Analyzing third-quarter headwinds
Attributing the performance to specific operational factors, FDJ United pointed to a significantly lower frequency and volume of high jackpots compared to 2025, alongside particularly high player winnings in sports betting, especially across physical points of sale. Economic conditions in France remain challenging, continuing to weigh on retail traffic throughout the second and third quarters. Additionally, the group paid sixty-two million euros in gambling taxes during the quarter.
Stéphane Pallez, FDJ United Chairwoman and CEO, commented:
“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 unfavourable economic climate, as well as the expected increase in taxation. In this challenging environment, the group remains fully committed and is resolutely pursuing the implementation of its action and performance plans to swiftly regain a sustainable growth momentum, underpinned by innovation and the attractiveness of its product portfolio.”
Segment breakdown and international performance
Examining individual sectors, lottery GGR fell 3.5 per cent to four billion three hundred seventy million euros, with net revenue dropping 4.8 per cent to one billion five hundred million euros. Retail sports betting GGR decreased 3.2 per cent to six13 million euros, while net revenue dropped 4.5 per cent to two hundred ninety-seven million euros.
Excluding the Netherlands and the UK, online sports betting and gaming GGR rose 5.7 per cent and revenue increased 0.8 per cent, supported by strong performances in France and Scandinavia. FDJ United anticipates that a targeted action plan will facilitate a gradual restoration of performance in the UK and the Netherlands, both of which implemented notable tax hikes.
Strategic action plan and future rollout
To counteract these pressures, FDJ United is accelerating the deployment of a single proprietary sports betting platform across its entire network, projected to cover the majority of markets by the end of 2027. Concurrently, the redirection and refocusing of European development teams is underway. Within the retail and lottery segments, the group plans to relaunch Euromillions and Loto alongside the introduction of a new ten-euro instant game.
