Lotteries saves FDJ United’s Q3 as overall revenue slumps

Lottery revenues remain as the standout growth driver for FDJ United, as the French multinational’s experimentation with sports betting growth hits some hurdles.

FDJ United, operator of the French and Irish National Lotteries, published its Q3 accounts this morning, revealing growth for its French domestic lottery and retail betting operations.

Some growth was also recorded for its international lottery division, consisting of Irish National Lottery operator Premier Lotteries Ireland (PLI), acquired for €350m in 2023.

Respectively, the two segments saw revenue growth of 2.5% to €508m, rising to €595m when domestic betting revenue is included – giving the whole segment growth rate of 2.1%. Meanwhile, international lottery revenue was up 0.3%, remaining steady with the year prior at €44m.

International sports betting and payments were the two segments that led FDJ down in Q3, continuing a trend seen in H1. The group has also cited the impact of heavier taxation on its betting revenues.

This was particularly the case in France where the betting duty was raised from 54.9% of gross gaming revenue (GGR) to 59.3% on 1 July.

The Unibet and 32red brands acquired via the takeover of Kindred Group in 2024 are also coming up against the challenges of regulatory reforms in the UK and Netherlands, the group said.

This has been cited as the main reason behind FDJ’s online sports betting revenue dropping 15.6% year-over-year from €248m to €209m.

In response to the tax burdens it is encountering in France and elsewhere, the company plans to step up an already implemented cost-reduction programme, part of its 2025-2028 strategy.

As Q4 gets underway, FDJ expects to close the quarter and the year with recurring EBITDA of €900m alongside a margin over 24%, with revenue standing at €3.7bn.

“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,” said Stéphane Pallez, Group Chairwoman and CEO.

“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.”

https://lotterydaily.com/2025/10/16/highlighted/fdj-united-lottery-q3/