FDJ United tax burden climbs €62m as Dutch and UK drag results
The French gambling group's nine-month revenue fell 5.6% as higher levies in the Netherlands and Britain offset gains elsewhere, prompting a four-pillar recovery plan.
FDJ United's gaming tax bill has grown by €62m so far in 2026, as the French operator continues to struggle against regulatory and fiscal pressure in the Netherlands and the United Kingdom, according to year-to-date figures published by the company and reported by SBC News.
The accounts, released after Paris trading closed, showed group revenue falling 5.6% to €2.57bn (£2.15bn) across the nine months to the end of September, while gross gaming revenue slipped 2.8% to €6.26bn.
FDJ United said that stripping out the Netherlands and the UK from its figures would have left GGR growing by 5.7%, underlining how far those two markets are weighing on the wider business.
Its principal exposure in both countries comes through the Unibet sportsbook, brought into the group alongside the 32Red online casino in the UK following the 2024 acquisition of Sweden's Kindred Group.
Taxation remains the central pressure point. FDJ United cited a 59.3% levy on online betting GGR in France, a 37.8% rate on all online gaming GGR in the Netherlands, and a 40% charge on UK online casino GGR as the drivers behind the rising bill.
Chairwoman and chief executive Stéphane Pallez said the nine-month performance reflected conditions across the wider European gambling sector, pointing to falling footfall at retail points of sale amid a weak economic backdrop alongside the anticipated rise in taxation.
Pallez added that the group remained committed to pressing ahead with its action and performance plans, aiming for a swift return to sustainable growth built on innovation and the strength of its product range.
Even in France and Scandinavia, the regions FDJ United points to as relative bright spots this year, the underlying numbers were soft. The French lottery and retail sports betting arm saw GGR drop 3.5% to €4.97bn, with revenue down 4.8% to €1.79bn.
Lottery revenue fell 3.8% to €1.49bn, driven largely by a 10.3% decline in draw-game takings, while sports betting revenue dropped 4.5% to €613m and online betting and gaming revenue fell 8.2% to €619m.
To address the slide, FDJ United has outlined a recovery programme built around four areas: refreshing its lottery portfolio, lifting online returns, consolidating its sportsbook technology, and reassessing resources tied up in non-core units.
A new online leadership structure has been put in place to speed up integration between FDJ and the former Kindred operations, with Pascal Chaffard appointed Chief Online Officer earlier this year in place of former Kindred chief executive Nils Anden.
The group is also moving to combine its various sportsbook systems onto a single proprietary platform, with development teams in Europe being redirected to support a rollout intended to cover most of its markets by the end of 2027.
On the lottery side, France will see extra draw-game events from the fourth quarter, followed by marketing pushes behind Euromillions and Lotto+, and the return of a €10 instant game at Lotto retail points in 2027, alongside efforts to improve the digital purchasing experience for players.
FDJ United also confirmed it is reviewing non-core assets, particularly in its Payment and Services operations, with conclusions expected by early 2027.
Looking ahead, the group expects both GGR and revenue to shrink again next year, with GGR declining modestly and revenue falling by a somewhat larger margin, as it forecasts a further tax hit exceeding €70m.
Facing that continued fiscal pressure, FDJ United said cost discipline would remain a priority, with management targeting a recurring EBITDA margin of around 23%.