FDJ United has reported a 4.5% year-on-year revenue drop for the first half of 2026, citing “challenging” and “difficult” circumstances in the Netherlands and the UK weighing on performance.
Revenue for H1 2026 fell to €1.782bn (£1.528bn) from €1.867bn in the first half of 2025, as gross gaming revenue (GGR) also dipped 1.3% from €4.37bn to €4.314bn.
The France-headquartered, Paris Euronext-listed firm also saw adjusted net profit plummet by 19% to €180 though this was impacted by a €20m exceptional tax contribution on large companies.
On the back of the results, FDJ has launched a review of its market portfolio within its online betting and gaming business units, as well as its non-core assets.
For that unit, GGR remained stable at €702m, though revenue declined 7.4% to €431m, which FDJ attributed entirely due to the cumulative tax hikes in France, the UK, the Netherlands and Romania.
Q2 revenue showed a 2.4% increase over Q1, aided by the Champions League and 2026 World Cup, the latter of which generated over €700m in stakes for the group.
GGR in its retail sports betting division decreased by 1.1% to €450m and revenue by 2.9% to €218m. In France, the company interestingly stated that “exceptional heatwaves” were a headwind for point-of-sale traffic.
However, the point-of-sale sports betting trend improved in Q2 due to a more attractive offering.
“The group’s performance in the first half is still affected by higher taxation, alongside factors inherent to the lottery business and the impact of exceptional heatwaves which have weighed on traffic at points of sale in France,” said Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ United.
“Backed by solid fundamentals and a robust financial structure, FDJ UNITED continues to invest in innovation, the attractiveness of its product portfolio and the acceleration of its transformation in order to return to a path of sustainable, profitable and value-creating growth.”
French Lottery was the main driver for FDJ, but GGR still fell by 2.1% to €2.98bn and revenue fell 4% to €1.02bn.
This underperformance was attributed to fewer major Euromillions jackpots compared to 2025 and lower point-of-sale traffic.
Specifically, draw games GGR declined by 7.6%, while instant games GGR rose by 2.3%.
The challenges for FDJ United
For the full year, the Unibet and 32Red owner is targeting a stable GGR across both its primary business units and a low single-digit revenue decline. It has confirmed an EBITDA margin target between 23% and 24%.
It has been a relatively tough period for FDJ, with the abovementioned tax increases across Europe not aiding group performance.
More stringent regulations on marketing and advertising have also contributed somewhat to the decline, as, despite the impacts of the World Cup and a domestic club in Paris Saint Germain winning the Champions League, the business still encountered hurdles.
With bet365 recently entering the French market, and Banijay Gaming again expanding its portfolio through the Betclic-Tipico merger and the planned acquisition of JOA Gaming, competition for FDJ in its home country is on the up.
Investors have not welcomed the results with positivity, as FDJ’s share price has dropped by over 3% to €22.23 in the first two hours of trading in Paris.
It follows a broader trend which has seen FDJ stock fall by more than 25% in the past 12 months, as the company continues to acclimatise to industry-wide headwinds.
Despite these challenges, the company continues to look for the positives, and expects to yield results from markets such as the UK by the end of the year.
