FDJ UNITED has left its 2026 outlook unchanged. But its online betting and gaming business in the UK and Netherlands had a weak first quarter, with higher taxes and softer trading weighing on performance. Group gross gaming revenue rose 0.7% to €2.175 billion in Q1, while revenue fell 3.2% to €895 million. Calendar tax increases reduced revenue by about €24 million in the quarter, including €9 million in online betting and gaming.
The pressure was strongest in the online betting and gaming division, where gross gaming revenue fell 1.1% to €342 million and revenue dropped 7.7% to €213 million. Revenue by country in that business showed the UK accounting for 46% and the Netherlands 14%, which means both markets are important to the division’s results.
UK and Netherlands are central to the recovery effort
FDJ now expects the online betting and gaming unit to improve over the rest of the year, with a return to gross gaming revenue growth in the second half of 2026. The group said this expected recovery should come from measures already being put in place.
The tax backdrop remains a major problem. In the UK, the government announced in late 2025 that online casino gaming tax would rise from 21% to 40% of gross gaming revenue from April 1, 2026. In the Netherlands, the gambling tax rate rose to 34.2% in January 2025 and will rise again to 37.8% from January 2026.
French lottery business was more stable
The French lottery and retail sports betting division was more stable in the quarter. Gross gaming revenue there was almost flat at €1.74 billion, while revenue slipped 2.1% to €627 million. FDJ said the first quarter also included temporary effects in that business, but it still expects annual revenue growth for the division in 2026.
Full-year outlook remains unchanged despite slower start
For 2026, FDJ expects a slight increase in gross gaming revenue and a slight decline in revenue, while still targeting a recurring EBITDA margin of 23% to 24%. The group also continues to expect the online betting and gaming business to perform better over the full year than it did in the first quarter.
