FDJ United has launched a review of its online betting and gaming portfolio, alongside non-core assets in Payment and Services, after a first half marked by higher gambling taxes and softer trading. The group said the exercise is part of an effort to optimise resource allocation, and the payments arm generated €30 million of revenue and an EBITDA loss of €3 million in the period.
The review follows FDJ’s €2.45 billion purchase of Kindred Group in October 2024. That deal brought brands including Unibet and 32Red into a business that already centred on French lottery and retail betting, with online operations spread across the UK, the Netherlands, Scandinavia, Italy and other markets.
In H1 2026, group gross gaming revenue fell 1.3% to €4.3 billion and revenue declined 4.5% to €1.8 billion. Recurring EBITDA slipped to €404 million from €441 million a year earlier, while adjusted net profit fell 19% to €180 million.
FDJ said calendar gaming tax increases in France, the UK, the Netherlands and Romania cut growth by about 3 percentage points, at a cost of roughly €52 million, and exceptional heatwaves also reduced traffic at points of sale in France.
The online betting and gaming unit’s GGR was stable at €702 million, but revenue dropped 7.4% to €431 million after about €24 million of tax increases. Excluding the UK and the Netherlands, GGR rose 6.6% and revenue edged up 0.6%, helped by stronger trading in France and Scandinavia.
The Netherlands improved through the half, with the first-quarter GGR decline of 15% narrowing to 4.1% in the second quarter. The company said the UK remained difficult, and its new management team is pushing action plans that focus on marketing investment and the player experience.
Earlier reporting framed the review as a possible opening to sales or market exits, but on the post-results call Stéphane Pallez said there was no decision to exit any market and that the group was looking to invest where it expected a good return. FDJ also said the UK action plan should begin to deliver results by the end of 2026.
