Key Moments:
- FDJ reported €864 million in Q3 2025 revenue, representing a 29% increase year-over-year
- Online betting and gaming revenue decreased by 15.6% year-over-year to €209 million
- The company reiterated its 2025 revenue guidance of €3.7 billion and expects recurring EBITDA of €900 million
Operational Performance Highlights
Française des Jeux (FDJ), France’s national lottery operator, delivered steady growth during Q3 2025, but the period was marked by elevated tax burdens and a drop in online turnover. The company’s revenue for the third quarter reached €864 million, a year-over-year increase of 29%. However, when factoring out the impact of the Kindred acquisition, revenue fell by 3% on a restated basis, emphasizing the effect of July 2025 gambling tax changes and weaker online business.
Retail Division Cushions Online Weakness
For the nine months ended in 2025, FDJ generated €2.73 billion in revenue, a 30.2% increase from the same period in the previous year. On a restated basis, though, revenue declined by 2.1%. The company’s extensive retail network, including its lottery and in-person sports betting outlets, anchored this growth, maintaining FDJ’s core business structure in the face of tightening French regulations.
The solid performance of the retail segment was essential as the online business experienced headwinds from both heightened taxation and evolving consumer preferences. The results highlighted retail betting as the firm’s foundation while the digital arm faces ongoing obstacles.
Digital Revenue Experiences Double-Digit Decline
The online segment saw the steepest setbacks as higher taxes and modified player behavior took a toll. FDJ registered €209 million in online gaming and betting revenue for Q3 2025, a decline of 15.6% compared to restated Q3 2024 figures. Meanwhile, the company’s lottery and retail sports betting produced €595 million, a 2.5% rise, demonstrating enduring strength in physical channels. The international lottery business added €44 million in revenue, and the payments and services division contributed €16 million, which was down by 1.8%.
| Division | Q3 2025 Revenue (€ millions) | Year-on-Year Change |
|---|---|---|
| Online Betting & Gaming | 209 | -15.6% |
| Lottery & Retail Sports Betting | 595 | +2.5% |
| International Lottery | 44 | Not Stated |
| Payments & Services | 16 | -1.8% |
Strategic Focus and Outlook
FDJ continues to uphold its guidance for the full year, targeting total revenue of €3.7 billion in 2025 and recurring EBITDA of €900 million, underpinned by an EBITDA margin of 24%. These targets reflect the group’s Play Forward 2028 strategy, which seeks 5% organic annual revenue growth through advancing digital capabilities and expanding in regulated international markets.
FDJ Chairwoman and CEO Stéphane Pallez said:
“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.”
“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.”
Looking ahead to 2026, FDJ will focus on stabilizing its online operations, refining marketing spending, and leveraging synergies arising from the Kindred acquisition.
Regulatory Landscape and Competitive Pressures
France’s gambling sector is contending with the effects of increased tax rates and stricter regulatory requirements, prompting operators to revisit their commercial approaches and profit expectations. FDJ’s unique position as a state-linked monopoly and a significant player in iGaming places it at the heart of this changing environment.
As physical retail sales provide consistent earnings and the digital segment adapts to industry shifts, the coming year represents a crucial juncture for FDJ’s ability to sustain its established strengths while fostering innovation within the constraints of new regulations.
- Author
Daniel Williams
