FDJ United's Tax Bill Up €62m In 2026 So Far As Q3 Results Land
FDJ United said gaming tax increases cost the group €62 million over the first nine months of 2026 as it reported lower revenue and adjusted its full-year targets.
The French lottery and betting group published its figures for the period to the end of September on October 21, 2026.
Revenue fell 5.6% to €2,576 million, a slide that follows a year of big changes for the operator, including the Parionssport deal to carry Ligue 1 Pro in 29,000 French venues.
Gross gaming revenue (GGR), which is stakes minus player winnings, came in at €6,264 million, down 2.8% from €6,446 million. In the third quarter alone, GGR fell 6.1% to €1,950 million, and revenue dropped 8.1% to €794 million, according to the company's results release.
Why Revenue Fell
FDJ United named four factors. Jackpots were far smaller and less frequent than in 2025, especially on Euromillions, and that trend intensified in the third quarter.
Sports bettors also enjoyed particularly high winnings in the quarter, notably at points of sale. Economic conditions in France stayed difficult and weighed on footfall in shops during the second and third quarters. On top of that came the €62 million in gaming tax increases.
The group said more than two percentage points of the nine-month revenue decline were attributable to higher gaming taxes.
Public levies on gaming totalled €3,804 million, down 1.3%, while net gaming revenue fell 5.2% to €2,460 million.
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Lottery And Retail Betting
The French lottery and retail sports betting division posted GGR of €4,978 million, down 3.5%, and revenue of €1,794 million, down 4.8% after €28 million of additional taxation.
Lottery GGR fell 3.5% to €4,365 million. Instant games rose 1.9% in GGR terms, but draw games fell 10.3%.
The jackpot gap was stark. By the end of September there had been 12 Euromillions jackpots above €130 million, compared with 27 a year earlier, and one above €200 million, compared with 12.
The company said stakes respond strongly to jackpot size and that France was in line with the average across all 10 participating European lotteries.
In point-of-sale sports betting, GGR fell 3.2% to €613 million, and revenue fell 4.5% to €297 million. The player payout ratio rose by more than 400 basis points to nearly 80%.
Online Betting And Gaming
The online division recorded almost stable GGR, down 0.8% to €1,013 million.
After €34 million of additional taxation, revenue fell 8.2% to €619 million. Excluding the Netherlands and the United Kingdom, GGR grew 5.7%, and revenue rose 0.8%, helped by strong results in France and Scandinavia.
In the Netherlands, GGR fell 8.6%, and in the United Kingdom it dropped 24.4%. The group said action plans there should gradually restore performance.
Elsewhere, international lottery revenue fell 4.7% to €118 million after the termination of some unprofitable B2B contracts, while Premier Lotteries Ireland grew revenue by 2.1%.
The payment and services unit generated €44 million, against €47 million a year earlier.
Targets Cut And What Comes Next
FDJ United now expects a low-single-digit decline in GGR and a mid-single-digit decline in revenue for 2026, including an impact of more than €70 million from extra gaming taxation.
It still aims for a recurring EBITDA margin of around 23% and confirmed its plan to raise the annual dividend, based on a payout ratio of at least 75% of adjusted net profit.
The operator plans extra draw-game events in the fourth quarter, the relaunch of Euromillions and Loto in 2027 and a new €10 instant game.
It is also accelerating a single proprietary sports betting platform designed to cover most of its markets by the end of 2027.
A review of online betting markets and non-core assets, especially in payments and services, will be reported by early 2027 at the latest.
Full-year results are due on February 18, 2027.
