Increased taxes hit FDJ UNITED’s revenues in the third quarter
Results were affected by the 5.7 per cent increase in tax
Increased taxes on betting and gaming weighed on Q3 revenue for French operator FDJ UNITED, who posted €864m in revenue, up 29.2 per cent from Q3 2024, but down three per cent on a restated basis and down 0.7 per cent at constant gaming taxes.
Results were affected by the 5.7 per cent increase in public levies to €1,261m, brought in in July 2025. Excluding this impact, which amounted to €21m, including €18m in France, the decline in revenue would have been limited to 0.7 per cent at constant gaming taxes.
Stéphane Pallez, Chairwoman and CEO of FDJ UNITED, commented: “The change in FDJ UNITED’s revenue at the end of September reflects the prolonged decrease in our online betting and gaming business in certain markets and the impact of higher taxation on gaming, particularly in France since 1 July. In this context, the Group deepens its transformation and performance plan in 2025, and pursues the operational implementation of its strategy, in line with the growth objectives of its Play Forward 2028 plan.”
GGR for the first nine months of 2025 came to €6,446m, up 1.8 per cent. After taking into account €3,856m in public levies, which were up 4.3 per cent, NGR came to €2,594m, down 1.7 per cent.
The French Lottery and Retail Sports Betting BU maintained its solid momentum in Q3, with revenue up 2.1 per cent to €595m and up 4.5 per cent excluding the impact of the €14m gaming taxes increase.
Lottery revenue rose 2.5 per cent to €508m, driven by both draw games and instant games. In addition to the higher gaming taxes, the stability of revenue from point-of-sale sports betting (at €87m) reflected a high basis of comparison in July 2024.
Online Betting & Gaming generated €209m in revenue in Q3, down 15.6 per cent. This decline reflects tighter regulations in the Netherlands and the United Kingdom, a €7m increase in gaming taxes, particularly in France (from 1 July) but also in the Netherlands (from 1 January) and Romania (from 1 August), and a high basis for comparison with the end of EURO in July 2024.
The BU’s revenue came to €675m in the first nine months of 2025, down 12.9 per cent. This decline mainly arose from new tax measures, particularly in France starting 1 July, and stricter implementation of regulations, particularly in the Netherlands and the United Kingdom. In these markets, despite a significant increase in the number of active players, revenue fell by 45.7 per cent in the Netherlands and 22.9% in the United Kingdom. Excluding these two markets, revenue was up 2.5 per cent, and up 3.6 per cent at constant gaming taxes, driven by the solid performance in other countries, particularly France.
The Group also continued to roll out its proprietary technology platforms, in particular KSP for online sports betting. In Q3, Unibet offering was migrated to KSP in the United Kingdom and Romania. The Group’s proprietary platforms have now been fully rolled out in the United Kingdom. The Group also continued its marketing initiatives, including the launch of the 32Red e-casino in Romania in July and the relaunch of Otto Casino in Sweden in September as part of a multi-licence strategy in this market. Lastly, for casino activities, an exclusive new cross-market jackpot was launched in seven countries in September.
