(AsiaGameHub) – FDJ United began 2026 with restricted growth in gross gaming revenue and lower revenue, as increased gambling taxes continued to weigh on online betting and gaming in the UK and Netherlands.
Good to Know
- Group GGR increased 1% to €2.175bn, while revenue decreased 3% to €895m.
- Online betting and gaming revenue fell 8% to €213m.
- FDJ United now anticipates only minimal GGR growth in 2026 and a slight revenue decline.
Tax Pressure Continues to Burden FDJ United
The most significant headwind originated from the UK and Netherlands, where rising taxes continued to impair results. Revenue for the Kindred-led online betting and gaming division fell 8% to €213m, while GGR declined 1% to €342m. However, excluding these two markets reveals a stronger performance. The unit’s GGR increased 6%, while revenue decreased by just 1%.
In the UK, Kindred business revenue plummeted 24.1%. In the Netherlands, revenue decreased by 19.9%. FDJ United noted this as a distinct improvement compared to the 42.1% decline observed throughout the full year 2025.
Management is currently attempting to stabilize the business through platform modifications and a leadership overhaul. Pascal Chaffard vacated the CFO position in February to lead the online betting and gaming unit, succeeding former Kindred CEO Nils Andén, who departed to pursue other ventures. On Tuesday, FDJ United announced that Dan Lévy, formerly of Ipsos, will assume the CFO role.
The group stated that the new leadership team is entirely dedicated to enhancing performance, with a primary focus on the UK and Netherlands.
For the entire enterprise, group GGR inched up 1% year over year to €2.175bn. Conversely, however, revenue dropped 3% to €895m, as gaming taxes reduced the quarter’s figures by €24m. FDJ United also revised down its 2026 forecast. The company now projects marginal GGR growth for the year, a small revenue dip, and nearly €90m in additional gaming taxes for the calendar year. The recurring EBITDA margin is now projected to be between 23% and 24%, missing the previous 24.5% target.
France delivered a mixed quarter for the group. GGR from the French lottery and retail sports betting remained steady at €1.74bn, while revenue fell 2% to €627m following a €15m tax impact. FDJ United attributed some of this weakness to temporary factors late in the quarter, such as less compelling sports fixtures and a high payout ratio in retail sports betting. Point of sale revenue in France declined 3% to €546m, while online lottery revenue grew 1% to €81m. Nevertheless, FDJ United still foresees annual revenue growth from this segment once these transient effects subside.
Chairwoman and CEO Stéphane Pallez said:
“In an environment still affected by the impact of tax increases and tighter regulations on gaming, the group is stepping up its efforts in operational efficiency, synergies and financial discipline, with the aim of returning to sustainable, value creating growth from the second half of the year onwards, for the benefit of all its stakeholders.”
This article is provided by a third-party. AsiaGameHub (https://asiagamehub.com/) makes no warranties regarding its content.
AsiaGameHub delivers targeted distribution for iGaming, Casino, and eSports, connecting 3,000+ premium Asian media outlets and 80,000+ specialized influencers across ASEAN.