Q3 Revenue Performance Shows Mixed Results
The French gaming operator reported third-quarter revenue of €864 million, representing a 29% year-over-year increase attributed to the Kindred acquisition. However, on a like-for-like basis, revenue declined 3% compared to the same period in 2024.
The company noted that excluding the impact of tax increases totaling €21 million—including €18 million in France alone—revenue would have remained nearly stable on a comparable basis during the third quarter.
Online Betting and Gaming Segment Faces Headwinds
FDJ United’s online betting and gaming division experienced a 16% decline to €209 million in the third quarter. The company attributed this decrease to several factors, including fiscal and regulatory changes implemented in 2025 across France, the Netherlands, and the United Kingdom. The segment also faced challenging comparisons against the Euro 2024 tournament period and unfavorable sports results for the operator.
Stéphane Pallez, CEO of FDJ United, specifically highlighted the impact of increased gaming taxation, particularly in France since July 1, 2025.
Retail Lottery and Sports Betting Shows Resilience
In contrast to the online segment, FDJ United’s retail lottery and sports betting network in France grew 2% to €595 million during the quarter, demonstrating continued strength in the company’s traditional distribution channels.
Cost Reduction Measures Accelerated
In response to the current market conditions, FDJ United is accelerating cost reduction initiatives as part of its 2025-2028 strategic plan.
Q4 Outlook and New Product Launch
The company expects a slight decline in its French retail lottery and sports betting network during the fourth quarter, as the prior-year period benefited from several exceptional draw game events. However, the online betting and gaming segment is projected to remain stable in Q4, supported by favorable year-over-year comparisons in the UK and Netherlands, along with progressive implementation of commercial and marketing initiatives.
FDJ United plans to launch Crescendo, a new draw game, in France in November as part of efforts to revitalize market momentum.
Full-Year 2025 Guidance
For the full year 2025, FDJ United now expects revenue to exceed €3.7 billion, compared to €3.8 billion in 2024, with EBITDA projected at approximately €900 million.
Source: FDJ United
