FDJ United has cut its 2026 guidance for the second time in three months, after nine-month revenue fell 5.6% to €2.58 billion. Gross gaming revenue (GGR) was down 2.8% to €6.26 billion, with declines accelerating in the third quarter: revenue fell 8.1% to €794 million and GGR dropped 6.1% to €1.95 billion.
The group cited fewer and smaller large jackpots, particularly in EuroMillions, unusually high sports betting payouts in Q3, and reduced visits to French retail outlets amid difficult economic conditions. Gaming tax increases cost €62 million and accounted for more than two percentage points of the revenue decline.
Lower forecasts, with growth plans focused on games
FDJ United now expects GGR to decline by a low single-digit percentage in 2026, and revenue to fall by a mid-single-digit percentage. The revenue forecast includes more than €70 million in additional gaming taxes. In July, when reporting H1 results, the group had forecast stable GGR and a low-single-digit revenue decline.
The company expects cost control to hold its recurring EBITDA margin at around 23%. It also maintained its goal of increasing the dividend each year, with a payout ratio of at least 75% of adjusted net profit.
Chairwoman and CEO Stéphane Pallez said the results reflected factors inherent to the gaming sector, lower retail traffic in an unfavorable economic climate and the anticipated tax increase. She said FDJ United remained committed to its action and performance plans, and that growth would depend on innovation and improving the appeal of its games. Plans include relaunching Loto and EuroMillions, and reversing the performance of the online business in the UK and the Netherlands.
Lottery and retail betting face pressure
In the French lottery and retail sports betting unit, GGR slipped 3.5% to €4.98 billion and revenue fell 4.8% to €1.79 billion, including €28 million in additional taxes. Draw game revenue declined 12.2% to €563 million. By the end of September, EuroMillions had recorded 12 jackpots above €130 million, against 27 in the same period of 2025. One jackpot exceeded €200 million, compared with 12 a year earlier. FDJ United said stakes vary sharply with jackpot size and that the shortfall weighed heavily on activity; the pattern in France was in line with the average across all ten participating European lotteries.
Instant games performed better: GGR rose 1.9%, while revenue increased 0.3% to €935 million. Retail sports betting revenue fell 4.5% to €297 million as the share of stakes returned to players climbed by more than 400 basis points to nearly 80%.
Online business under review
Online betting and gaming GGR was nearly flat, down 0.8% to €1.01 billion, while revenue fell 8.2% to €619 million after €34 million in additional taxes. Excluding the UK and the Netherlands, GGR grew 5.7% and revenue rose 0.8%, with France and Scandinavia continuing to perform well. GGR fell 8.6% in the Netherlands and 24.4% in the UK; FDJ United said its plans should gradually restore performance.
A new management team is developing a growth and cost-cutting plan. The group is accelerating a single proprietary sports betting platform, targeted for most markets by the end of 2027, and reorganizing its European development teams. It is also reviewing online markets and non-core assets, particularly in Payment and Services, with an outcome due by early 2027 at the latest. In Q4, it plans additional draw game events; in 2027, it will relaunch Loto and EuroMillions and introduce a new €10 instant game.
