Unibet loses 41% of turnover despite more players
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1 Aug 2025 •
Reading time: 3 minutes In the first quarter of 2025, Unibet recorded a dramatic 41% drop in revenue in the Netherlands compared to the same period in 2024. Ironically, this plunge comes at a time when the number of active users is increasing. How is it that more players did not generate more revenue?
Deposit limits and tax increases
The report by FDJ United, Unibet’s parent company via the Kindred Group, points to the introduction of a monthly net deposit limit from 1 October 2024: €700 for those over 24 and €300 for those under 24. This system reduces the average stake per player, and therefore the total volume of stakes, automatically leading to a drop in turnover.
On 1 January 2025, the gambling tax increased from 30.5% to 34.2% of gross stakes. This 3.7-point increase directly impacts the profitability of legal operators such as Unibet. The FDJ indicates that this affects returns to players (RTP), the odds offered and the terms and conditions of promotions.
Unfavourable sports results
A third factor: unexpected losses on sports betting. FDJ explains that several unfavourable results often led to higher than expected payouts to players, which eroded the gross margin in this segment.
The overall performance of the FDJ United group
Despite these setbacks in several markets such as the Netherlands and the United Kingdom (27% decline in revenue), FDJ United achieved 30% growth in overall revenue in Q1 2025, reaching €925 million. This performance is mainly due to FDJ’s acquisition of Kindred Group, which was completed on 3 October 2024. Without this acquisition, the group would have recorded a 1% decline in revenue.
FDJ’s strategy since the acquisition of Kindred is clear: to integrate brands such as Unibet in order to expand its online footprint, while ensuring strict responsible gaming guidelines with a focus on technology, customer service and regulatory compliance.
FDJ points out that the legal channelling rate (i.e. the share of bets placed through regulated operators) has fallen below 50% in the Netherlands, according to data from the Kansspelautoriteit. This means that more than half of all gambling now takes place outside the legal framework, which undermines the model of authorised operators.
Regulation that is shaking up a giant
Unibet’s success story in 2023 (with nearly 300,000 active players in the Netherlands and 19% growth in turnover in 2023 driven by casino games rather than sports betting) gives way to a much bleaker reality at the beginning of 2025. New regulations have led to a sharp 41% drop in revenue, despite a steadily growing number of players.
This story poses a major challenge for regulatory authorities: how to reconcile player protection with the viability of the legal sector? The next reports from the FDJ and the Kansspelautoriteit will be closely watched, as they will determine whether the regulated market can still compete with off-market operators, which are often less restrictive but illegal.