FDJ United Reports 8.1% Revenue Decline in Third Quarter of 2026
France.- 23 October 2026 | www.zonadeazar.com FDJ United, one of Europe’s leading lottery and betting groups, has reported an 8.1% year-on-year decline in third-quarter 2026 revenue to €794 million.
The results, published on 21 October 2026, reflect the impact of higher gambling taxes, declining retail footfall and a less favourable period for major lottery jackpots.
Following the downturn, the company has lowered its full-year 2026 financial guidance, while maintaining its operating profitability target.
Key Financial Results
For July to September 2026, FDJ United reported:
- Revenue: €794 million, down 8.1%.
- Gross gaming revenue (GGR): €1.95 billion, down 6.1%.
- Net gaming revenue (NGR): €758 million, down 7.4%.
- Public levies: €1.19 billion, a decline of 5.5%.
During the first nine months of the year, total group revenue reached €2.58 billion, representing a 5.6% year-on-year decline.
Meanwhile, cumulative GGR amounted to €6.26 billion, down 2.8% compared with the same period in 2025.
French Lottery and Retail Betting Activity Weakens
FDJ United’s French lottery and retail sports betting division generated €554 million in third-quarter revenue, representing a 6.8% year-on-year decline.
For the first nine months, the division recorded €1.79 billion, down 4.8%.
The company attributed part of this performance to fewer exceptionally large EuroMillions jackpots, particularly during the third quarter.
Challenging economic conditions in France also contributed to declining customer traffic across retail outlets.
Draw-based lottery games experienced the greatest pressure, while instant-win products demonstrated greater resilience.
Online Betting and Gaming Revenue Falls 10.2%
The Online Betting and Gaming division also recorded weaker results.
Third-quarter revenue reached €188 million, representing a 10.2% year-on-year decline.
For the first nine months of 2026, the division generated €619 million, down 8.2%.
FDJ United explained that trading conditions and regulatory pressures in the United Kingdom and the Netherlands were significant factors behind the decline.
However, excluding these two markets, online gaming GGR increased by 5.7%, supported by strong performances in France and Scandinavia.
The company will continue implementing targeted action plans to restore performance in its more challenging markets.
Higher Gambling Taxes Create €62 Million Impact
Rising taxation was one of the main factors affecting the group’s financial performance.
According to FDJ United, increased gambling taxes generated an additional €62 million in costs during the first nine months of 2026.
This represented more than two percentage points of the group’s revenue decline.
The company also experienced an unusually favourable quarter for sports bettors, with higher player winnings reducing the margins retained by operators.
Together, these factors affected both retail and online activities.
Comments from Management
Stéphane Pallez, Chairwoman and Chief Executive Officer of FDJ United, explained that the results reflected a combination of gaming-related volatility, lower retail footfall and increased taxation.
She emphasised the company’s continued commitment to innovation, product development and initiatives designed to restore sustainable growth.
FDJ United will also continue optimising its resources and reviewing the performance of its international operations.
Updated Financial Outlook for 2026
Following the third-quarter results, FDJ United revised its full-year guidance.
The company now expects:
- A low-single-digit percentage decline in annual GGR.
- A mid-single-digit percentage decline in revenue.
- A recurring EBITDA margin of approximately 23%.
- Continued annual dividend growth, based on a payout ratio of at least 75% of adjusted net profit.
The group will also review its online betting and gaming market portfolio and selected non-core assets.
The conclusions of this strategic review are expected by early 2027 at the latest.
Industry Impact
FDJ United’s results highlight the challenges facing European gambling operators amid higher taxation, difficult economic conditions and the inherent volatility of lottery and betting products.
For the iGaming industry, the group’s performance demonstrates the importance of market diversification, operating cost control and adapting commercial strategies to regulatory changes.
The recovery of online operations in the United Kingdom and the Netherlands, alongside improvements in French lottery performance, will be important factors in the company’s future results.
Editó: @fonta
