The French operator FDJ United, publishing its nine-month results on October 21, lowered its 2026 forecast. The company now expects GGR to fall by a low single-digit percentage and revenue to fall by a mid single-digit percentage.
For the nine months to the end of September, revenue fell 5.6% to €2.58 billion. GGR decreased 2.8% to €6.26 billion. The third quarter was weaker: revenue fell 8.1% (€794 million) and GGR fell 6.1% (€1.95 billion).
The company cited three reasons. Large jackpots were significantly fewer than in 2025, especially in EuroMillions. Sports bettors won unusually often, especially in retail. In France, fewer people visited points of sale due to the economic situation.
FDJ United also singled out taxes. Rising gambling taxes cost the group €62 million by the end of September. Of this, €28 million related to the French lottery and retail betting, and €34 million to online betting and gaming. For the full year, the company estimates the tax burden will exceed €70 million. The gap between the revenue decline and the GGR decline is explained precisely by taxes: revenue is calculated after them, while GGR is not.
Group CEO Stéphane Pallez linked the result to seasonal factors in the industry, lower footfall at points of sale, and the expected increase in taxes. She ties a return to growth to the renewal of games. Plans include relaunching Loto and EuroMillions and fixing the online business in the UK and the Netherlands.
What is unclear: the forecast for profit and dividends has not been verified in this material, and the company does not disclose in detail how the tax effect breaks down by country. For readers in the online segment, it matters that the online division carries a larger tax burden than retail. The next checkpoint is FDJ United's annual results, which will show whether the company met its new forecast.
