FDJ United: Revenue Down 5.6% Over Nine Months, 2026 Outlook Lowered
Fewer Euromillions jackpots, elevated payouts to sports bettors, and increased tax burdens have weighed on the gaming operator's activity through September. The group now anticipates a decline in revenues for the full year 2026, while targeting a current EBITDA margin around 23%.
Revenue Down 5.6% Over Nine Months
FDJ United published its revenue for the first nine months of the fiscal year on October 21, 2026. Gross gaming revenue (GGR, consisting of stakes minus player winnings) stood at €6,264 million, down 2.8% year-on-year. Revenue reached €2,576 million, compared to €2,730 million a year earlier, representing a decline of 5.6%, with more than 2 percentage points attributable to increased gaming tax rates according to the group.
Public levies decreased by 1.3% to €3,804 million, and net gaming revenue fell 5.2% to €2,460 million. The third quarter in isolation recorded a more pronounced decline. Revenue fell 8.1% to €794 million from €864 million, and GGR fell 6.1% to €1,950 million.
This quarterly revenue came in below market estimates of €839 million prior to publication. For reference, the group had achieved revenue of €3,677.5 million for fiscal year 2025, according to accounts published on March 24, 2026.
These developments led management to adjust its annual targets. FDJ United now anticipates, for 2026, a "low-single digit" decline in GGR and a "mid-single digit" decline in revenue, with more than €70 million related to additional gaming taxes. The group indicates that cost control should allow it to maintain a current EBITDA margin around 23%.
FDJ United also confirmed its objective of annual dividend growth, based on a distribution rate of at least 75% of adjusted net income. Stéphane Pallez, Chief Executive Officer, cited "challenges inherent to the gaming sector" and a decline in foot traffic at retail points of sale "in an unfavorable economic context".
In France, Draw Games Decline 12.2% Due to Lack of Large Jackpots
The Lottery and Sports Betting Network France business unit, the group's primary activity, saw revenue decline 4.8% over nine months to €1,794 million, after €28 million in additional taxes. Its GGR stood at €4,978 million (-3.5%). In the third quarter alone, its revenue fell 6.8%.
Trends diverged significantly within the lottery. Revenue from draw games fell 12.2% over nine months to €563 million, and 17.3% in the third quarter, while instant game revenue increased 0.3% to €935 million and 1.1% in the third quarter. The group attributes this decline primarily to significantly fewer large jackpots than in 2025: as of end-September, 12 Euromillions jackpots exceeded €130 million, compared to 27 a year earlier, and only one exceeded €200 million, compared to 12.
Excluding long Euromillions cycles, the lottery's GGR decline is limited to 0.9%, compared to 3.5% on a reported basis. According to the group, the trend observed in France on Euromillions is in line with the average of ten participating European lotteries. The gap between draw games and instant games, the latter offering a higher return to player rate (RTP), furthermore increased the lottery's average RTP, which weighs on revenue.
Online, lottery GGR fell 4.6%, but grew 2.3% excluding long Euromillions cycles; exclusive web game GGR increased nearly 30%. The share of digital in lottery revenue remained stable at 15%. Sports betting at retail points fell 4.5% in revenue to €297 million, with their return to player rate increasing by more than 400 basis points in the third quarter to nearly 80%.
Online Games Growing Outside Netherlands and United Kingdom
The Betting and Online Games business unit recorded nearly stable GGR at €1,013 million (-0.8%), and revenue declined 8.2% to €619 million, after €34 million in additional taxes. Excluding the Netherlands and United Kingdom, GGR grew 5.7% and revenue grew 0.8%, driven by France and Scandinavia according to the group. In these two countries, GGR declined by 8.6% and 24.4% respectively, and the group believes that action plans initiated should progressively restore performance.
The new management team of the business unit is deploying a plan aimed at boosting growth and reducing costs. The rollout of a unique proprietary sports betting platform, designed to cover a majority of markets by end-2027, has been accelerated, with a refocusing in Europe of development teams.
The two other business units, of smaller size, also recorded declines. International lottery achieved €118 million in revenue (-4.7%), due to the termination of certain unprofitable contracts with client companies, while Premier Lotteries Ireland progressed 2.1%. Payment and Services achieved €44 million, compared to €47 million a year earlier.
The group has initiated a review of the markets of the Betting and Online Games business unit and its non-core assets, notably in Payment and Services, the conclusions of which will be communicated no later than early 2027. For the lottery, additional draw events are planned for the fourth quarter, then in 2027, relaunches of Euromillions and Loto as well as the launch of a new €10 instant game. FDJ United will publish its 2026 annual results on February 18, 2027, before market opening.
