At FDJ United, revenue was down 3% on a restated year-on-year basis to €864 million in Q3.
FDJ United has said a 3% year-on-year fall in revenue during the third quarter of its 2025 financial year was primarily due to increased taxes in France and other core operating markets.
Revenue for the three months to 30 September amounted to €864 million ($1.01 billion), FDJ United reported. This fell short of the €890 million restated amount for the corresponding period in the previous year.
Restated revenue for Q3 2024 is based on the assumption that Kindred Group was part of the FDJ business last year. FDJ United closed its €2.45 billion acquisition of Kindred in October 2024, with its results first included in the group’s Q4 2024 numbers.
However, FDJ flagged that revenue would have been stable had it not been for various gambling tax increases across Europe, primarily France. It said the impact of the higher taxes was €21 million, with €18 million of this coming from rises in France.
Tax increases in France came into effect on 1 July and spanned both land-based and iGaming activities. The largest rise was for online betting, with the rate rising to 59.3% from 54.9% of GGR. Previously, FDJ said the changes would cut €45 million from its EBITDA total for 2025.
The market also faced increases across social welfare contributions from gambling operators as of last July.
“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,” Chairwoman and CEO Stéphane Pallez said.
Some growth despite tax impact in Q3
Detailing its performance, FDJ United revealed mixed fortunes across its four business segments. French lottery and sports betting remained the primary source of revenue at €595 million, a rise of 2.1%.
However, excluding the €14 million impact of gaming tax increase on lottery, revenue here would have been 4.5% higher year-on-year.
Lottery revenue climbed 2.5% to €508 million, driven by draw games and instant games. As for sports betting, thi