FDJ Opens Market Review after Online Revenue Falls 7.4%
Online GGR reached €702 million in the first half of 2026, almost unchanged from the previous year. Revenue from the division fell 7.4% to €431 million.
Stable GGR Hides the Tax Impact
Tax increases in France, the UK, the Netherlands, and Romania reduced online revenue by nearly €24 million. Profitability weakened as well. Recurring EBITDA dropped to €67 million, while the division’s margin narrowed from 20.3% to 15.5%.
FDJ announced the review alongside its half-year results. Much of its current online footprint came through the acquisition of Kindred Group in October 2024. The deal added brands including Unibet and 32Red and valued Kindred at nearly €2.5 billion.
UK and Netherlands Stay on Turnaround Track
Weakness was concentrated in the UK and the Netherlands. Excluding those two countries, online GGR grew 6.6%, while revenue rose 0.6%. FDJ reported strong performance in France and Scandinavia.
The Dutch business improved in the second quarter. Its year-on-year GGR decline narrowed from 15% in Q1 to 4.1% in Q2. GGR also grew by more than 10% quarter on quarter.
FDJ said the situation in the UK remains difficult, but expects the ongoing action plan to begin yielding results by the end of 2026. The new management team plans to prioritize marketing investments and improve the player experience in both the UK and the Netherlands.
Both countries remain part of the turnaround program. The wider portfolio review still leaves room for market exits, but FDJ has not identified either country as a candidate.
Payment Assets Enter the Same Review
FDJ is also exploring other non-core activities, especially within the Payment and Services segment. This segment generated €30 million in first-half revenue and recorded a recurring EBITDA loss of €3 million.
The company did not disclose what activities would be considered for sale. The process covers two areas: the online division’s market portfolio and non-core holdings, particularly within Payment and Services.
Group revenues were down 4.5% at €1.78 billion. Group recurring EBITDA was down 8.4% to €404 million, and adjusted net income was down 19% at €180 million. Higher gaming taxes in four countries reduced group revenue by €52 million.
What to Watch Next
Kindred gave FDJ a much larger position in competitive online gambling. The review will test which markets can still support profitable growth after tax increases. FDJ has not yet said whether the process will lead to exits, lower investment, or asset sales.