FDJ United held back by the UK and the Netherlands 

FDJ United has presented its financial results for the first half of 2026. Whilst the group has recorded a decline in its business activity and turnover, it believes these results are primarily linked to external factors, notably higher taxation on gambling and several regulatory changes. 

A first half-year marked by a decline in revenue 

The first half of 2026 did not meet FDJ United’s expectations. The French group, which specialises in gambling, recorded gross gaming revenue (GGR) of €4.3 billion, a fall of 1.3 per cent compared with the same period the previous year. 

Turnover followed the same trend, reaching nearly €1.8 billion, down 4.5 per cent year-on-year. 

Rising taxes are proving a major obstacle 

The company attributes most of this decline to increases in gambling taxes in certain European countries. 

The United Kingdom and the Netherlands are the two markets most affected by these developments. According to FDJ United, these new tax and regulatory constraints have weighed heavily on the group’s performance during the first six months of the year. 

The group also points out that, were it not for the impact of these two markets, the situation would have been significantly different. Its gross gaming revenue would have risen by 6.6 per cent, whilst its turnover would have recorded a slight increase of 0.6 per cent. 

France remains the main driver of business 

The French market remains by far the mainstay of FDJ United. 

Lottery and betting activities in France generated gross gaming revenue of €3.4 billion in the first half of the year, a fall of 2 per cent. Turnover stood at €1.2 billion, down 3.9 per cent. 

The lottery still accounts for the bulk of this business. On its own, it recorded gross gaming revenue of nearly €3 billion and turnover of around €1 billion. 

Several factors explain this trend. The first relates to EuroMillions. During the first half of the year, there were fewer very large jackpots and their amounts were lower than in the previous year. However, these exceptional jackpots traditionally attract a very large number of players and significantly boost sales. Added to this was a spell of hot weather, which reduced footfall at physical retail outlets. 

However, not all indicators are pointing downwards. Excluding EuroMillions, the other lottery games showed a 1 per cent increase in physical outlets and a 6 per cent increase online, a sign that the rest of the portfolio continues to hold up well. 

Sports betting has seen mixed results 

The sports betting market did not perform consistently throughout the half-year. The first quarter proved to be relatively slow for physical outlets. The situation improved, however, during the second quarter. 

Overall, sports betting recorded gross gaming revenue of €450 million, down 1.1 per cent, whilst turnover stood at €218 million, a decline of 2.9 per cent. 

Online betting and gaming activities showed a different trend. Their gross gaming revenue remained stable at €702 million. However, turnover fell by 7.4% to €431 million, a development the group considers to be in line with its forecasts. 

The World Cup provided a one-off boost 

FDJ United reports that the World Cup generated around €700 million in stakes. Although this boost was not sufficient to offset all the negative effects linked to new taxes and regulatory changes, it did have a positive impact on the group’s performance. 

Profitability remains solid 

Despite the fall in revenue, FDJ United continues to post robust financial indicators. 

The company reported recurring EBITDA of €404 million, representing a margin of 22.7 per cent, in line with its annual targets. Adjusted net profit reached €180 million over the first six months of the year. The group is also continuing its efforts to control expenditure. Fixed costs were reduced by 2.8 per cent. 

At the end of the second quarter, FDJ United also had a financial structure that the company describes as “very sound”, with net financial debt of around €2 billion. 

Despite the difficulties encountered during the half-year, the Chair and Chief Executive of FDJ United refuses to give in to pessimism: 

“Backed by solid fundamentals and a robust financial structure, FDJ UNITED continues to invest in innovation, the appeal of its product portfolio and the acceleration of its transformation in order to return to a path of sustainable, profitable growth that creates value.” 

A new management team is preparing for the next phase 

FDJ United is already preparing for the coming years. 

The new management team is working on several action plans designed to gradually restore the group’s performance whilst improving the allocation of its resources. 

Among the measures announced is a review of the contract portfolio of the division dedicated to online betting and gaming. The company also plans to review certain assets considered non-strategic within its Payments and Services division. 

Targets maintained for the end of the year 

FDJ United is not revising its outlook for 2026. 

The group is still aiming for stable gross gaming revenue for its French lottery and sports betting operations, as well as for its online betting and gaming operations. 

The target recurring EBITDA margin remains between 23% and 24%. 

Finally, the company confirms its intention to propose a dividend increase for the 2026 financial year, demonstrating management’s confidence in the group’s financial strength despite a first half of the year that was more challenging than expected.