Gaming taxes drag FDJ United revenue down

• FDJ United’s H1 revenue fell 4.5% to €1.78 billion as group GGR dipped 1.3% to €4.31 billion.
• Calendar gaming tax rises in France, the UK, the Netherlands and Romania cut revenue by roughly €52 million.
• FDJ United is reviewing its online betting and gaming market portfolio, with CEO Stéphane Pallez stressing there is no decision to exit any market.

FDJ United reported a 4.5% fall in first-half revenue to €1.78 billion on Wednesday. Rising gaming taxes and a softer French lottery performance offset stable growth in online betting and gaming.

Group GGR slipped 1.3% to €4.31 billion, with chairwoman and chief executive Stéphane Pallez citing around €52 million in calendar tax rises across France, the UK, the Netherlands and Romania.

Lottery loses steam

The French lottery and retail sports betting unit reported GGR of €3.43 billion, down 2%, with revenue falling 3.9% to €1.24 billion. Within that, the core lottery business saw GGR decline 2.1% to €2.98 billion and revenue fall 4% to €1.02 billion.

FDJ United attributed the drop to fewer and smaller EuroMillions jackpots than in 2025, alongside weaker point-of-sale traffic during a run of heatwaves in the second quarter. Excluding long EuroMillions cycles, the group said underlying lottery GGR actually rose 1%, with online lottery up 6%.

Retail sports betting also softened, with GGR down 1.1% to €450 million and revenue falling 2.9% to €218 million. Performance improved in the second quarter, however, on a stronger sports calendar that included the Champions League final stages and the early rounds of the FIFA World Cup.

FDJ United’s ParionsSport Point de Vente brand, which extended its PSG partnership through 2028 last year, remains central to that retail push.

Online holds firm

The online betting and gaming unit performed in line with expectations. GGR was broadly stable at €702 million, though revenue fell 7.4% to €431 million on the tax hit. Strip out the Netherlands and the UK, and unit GGR climbed 6.6%, led by France and Scandinavia.

The Dutch business continued to recover: Unibet’s GGR decline narrowed from 15% in the first quarter to 4.1% in the second. In the UK, FDJ United said the situation remains difficult, though the operation stayed profitable and an action plan is expected to show results by year-end.

Portfolio review under way

FDJ United has launched a review of its market portfolio within the online betting and gaming unit, alongside a review of non-core assets in payments and services. Speaking on the earnings call, Pallez played down suggestions this points towards an exit from any market, including the UK.

Stéphane Pallez, chairwoman and chief executive of FDJ United, said:

“At this point, it’s really aimed at investing our money where we think we can get a good return in terms of profitable growth. There is not any potential decision on exit.”

The disappointing first half follows Q1 results in which FDJ United had already flagged rising taxes squeezing key markets, with revenue down 3% to €895 million.

Guidance has now been revised again: the group targets stable GGR alongside a low single-digit revenue decline, down from a previously forecast slight GGR increase. It kept its recurring EBITDA margin target at 23–24% and confirmed its dividend policy unchanged.

Adjusted net profit came in at €180 million, down 19% year-on-year, hit in part by a €20 million exceptional tax contribution on large company profits in France. Recurring EBITDA held at €404 million, a 22.7% margin, which the group credited to a 2.8% cut in fixed costs.

Pallez said:

“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.”

Management expects gaming tax increases to reach around €70 million for the full year. That splits roughly €30 million in the lottery and retail betting unit and €40 million in online betting and gaming.

The UK’s Remote Gaming Duty rose to 40% in April, adding further pressure on FDJ United’s online unit there even as the business stayed profitable.

Full details of the results are available in the half-year results published by FDJ United.