European gambling tax regimes have starved FDJ United of any impactful topline revenue gains in Q1 2026, the French gambling giant has reported.
For the months January through March, while GGR stood at €2.1bn (up 1% year-over-year), FDJ United reported that revenue was down 3% to €895m as a result of a €24m taken by gaming taxes, with an additional €90m more expected to hit FY26 results.
Divided by segments, revenue dropped YoY across all verticals except international lottery, which was the only product that recorded an increase, a substantial one at that, of 7% YoY for a total of €41m (Q1 2025: €38m).
Online betting and gaming was hit the hardest, down 7.7% YoY to €213m (Q1 2025: €231m). French lottery and retail sports betting came in at €627m, down 2.1% from €640m for the previous corresponding period (pcp). Payment and Services dropped 7.2% YoY to €14m (pcp: €16m).
As a reminder, France currently has the toughest tax regime in Europe, which became even more stringent in July 2025 with the introduction of the renewed Social Security Financing Act.
This brought the public levies rate for online sports betting up from 54.9% to 59.3% of GGR. Point-of-sale public levies grew from 41.1% to 42.1% of GGR. Online poker public levies went up from 0.2% to 10% of GGR.
Additionally, public levies for Loto and Euromillions lottery games went up from 68% to 69% of GGR, while draw games and instant games saw an increase from 55.5% to 56.5% of GGR.
In the Netherlands, the second tax increase from a planned two-stage hike saw gambling taxes go up to 37.8% of GGR in January from the previous rate of 34.2%. Domestic Q1 performance saw FDJ United’s GGR dropping 14.5% and revenue of minus 19.9%
For the UK, where FDJ United operates Unibet and 32red, Remote Gaming Duty was sharply increased from 21% to 40% at the start of this April, which will likely further destabilise the gambling firm’s H1 2026 results – expected to come out on 29 July.
Even before that increase took place, the company’s UK revenue was already down by 24.1% YoY for the January-March period.
To try and achieve its FY26 expectations for a recurring EBITDA of between 23%-24%, an improved annual performance in online betting and gaming, and a return to growth in GGR in the second half of the year, FDJ United has appointed Dan Lévy as its new Chief Financial Officer, effective from 18 May.
Stéphane Pallez, FDJ United Chief Executive Officer, summarised the firm’s Q1 performance and outlined its immediate priorities going forward.
She concluded: “In an environment still affected by the impact of tax increases and tighter regulations on gaming, the Group is stepping up its efforts in operational efficiency, synergies, and financial discipline, with the aim of returning to sustainable, value-creating growth from the second half of the year onwards, for the benefit of all its stakeholders.”
