Dutch and British headwinds are continuing to drag down FDJ United, with the group putting its faith in action plans in two nations which have emerged as two of the most troubled gambling markets in western Europe.
The French gambling group detailed in its year-to-date (YTD) accounts, published following market closure in Paris late yesterday afternoon, that gross gaming revenue (GGR) would have risen by 5.7% had the Netherlands and UK been excluded from reporting.
Action plans have been implemented in both markets, which FDJ United hopes will allow for a gradual improvement in performance.
The group’s main asset in both markets is the Unibet sportsbook, while the 32red online casino is also active in the UK, with both integrated into FDJ United’s business in 2024 via the acquisition of Sweden’s Kindred Group.
Overall, FDJ’s revenue over the nine month period between January-September 2026 declined 5.6% to €2.57bn (£2.15bn), while GGR dropped 2.8% to €6.26bn.
Once again, high gaming taxes have continued to hound the company – with 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.
FDJ United’s total 2026 tax bill has risen by €62m as a result. Stéphane Pallez, FDJ United’s Chairwoman and Chief Executive Officer, stated that the company’s YTD performance is reflective of the challenges of the European iGaming industry as a whole.
“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 unfa-vorable economic climate, as well as the expected increase in taxation,” Pallez stated.
“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 attractive-ness of its product portfolio.”
FDJ United has cited performance in France and Scandinavia as its saving grace so far in 2026. A breakdown of stats, however, shows that the company’s French performance also leaves much to be desired.
The group’s French lottery and retail sports betting segment saw GGR drop 3.5% to €4.97bn, while revenue was down 4.8% to €1.79bn (€1.88bn). Lottery revenue was down 3.8% to €1.49bn (€1.5bn), with a 10.3% drop in draw games revenue touted as the main culprit.
Overall sports betting revenue was also down 4.5% to €613m while online betting and gaming revenue dropped 8.2% to €619m.
FDJ maps out pillars of recovery
As FDJ United’s CEO made clear, the company is well aware of the challenges facing both it and the wider industry in 2026. The firm’s recovery efforts affect this, encompassing much more than the UK and Dutch markets mentioned above.
Moving beyond tough 2026 trading, FDJ United’s leadership has set out a four-pillar recovery plan:
- Refreshing lottery products.
- Improving online returns.
- Consolidating its sportsbook tech stack.
- Reviewing its allocation of resources on non-core units.
A new digital-led strategy and online management team has been installed to accelerate synergies of FDJ and Kindred units. The strategy is set to be led by new Chief Online Officer Pascal Chaffard, who replaced former Kindred CEO Nils Anden in Q1.
FDJ United is accelerating the rollout of a single proprietary sportsbook platform, combining existing technologies and targeting coverage of most markets by the end of 2027. Development teams are being refocused in Europe to support the programme.
For French retail, lottery ‘refresh initiatives’ include additional draw-game events from Q4 onwards, followed by relaunch campaigns promoting Euromillions and Lotto+ draws. FDJ United will also bring back its €10 instant game for Lotto POS stores in 2027.
Wider incentives seek to also develop improved digital offers for Lotto customers and improve the purchase experience.
Of significance, FDJ United points towards a simplification of group structures, with a forthcoming review of non-core assets, particularly within Payment and Services. Conclusions are expected by early 2027 at the latest.
Heading into 2027, FDJ United expects a low-single digit decline in GGR and a mid-single digit decline in revenue. As tax burdens are showing no signs of abating, the firm expects an impact of over €70m.
Like many others, FDJ United is prioritising cost controls against continuing tax pressures. It has set its sights on a recurring EBITDA margin of around 23% as a result.
