FDJ UNITED Revenue Impacted by Higher Gaming Taxes
FDJ UNITED reported a slight decline in revenue for the third quarter of 2025, largely due to increased gaming taxes and regulatory adjustments across several European markets. While the French Lottery and Retail Sports Betting unit maintained steady growth, the online division faced continued pressure from unfavorable sports betting results and stricter regulations in the Netherlands and the UK.
French Lottery and Retail Betting Drive Stability
FDJ UNITED recorded €864 million in revenue for Q3 2025, representing a 3% decline on a restated basis but remaining nearly stable when excluding the €21 million impact of higher gaming taxes, including €18 million in France. The French Lottery and Retail Sports Betting business unit demonstrated resilience, achieving a 2% year-on-year increase to €595 million.
Lottery revenue rose by 2.5% to €508 million, driven by draw and instant games, while sports betting at points of sale remained stable at €87 million despite a high comparison base in 2024. For the first nine months of 2025, the unit generated €1.88 billion in revenue, marking a 3% increase. Online lottery participation continued to expand, with over 6 million active players contributing €238 million, accounting for more than 15% of total lottery revenue.
Online Betting and Gaming Hit by Tax and Regulation
The Online Betting and Gaming business unit reported €209 million in revenue for the quarter, down 15.6%. The decline was attributed to tighter regulations and increased gaming taxes in key markets, particularly France, the Netherlands, and Romania. Year-to-date, revenue in this segment reached €675 million, reflecting a 12.9% drop.
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Despite growth in player activity, the Netherlands and the UK posted double-digit declines, offsetting gains in other markets where revenue grew by 3%. FDJ UNITED continued to roll out its proprietary KSP sports betting platform, completing Unibet’s migration in both the UK and Romania. The Group also launched the 32Red e-casino in Romania and reintroduced Otto Casino in Sweden as part of its multi-license strategy.