France-based operator FDJ United has released its Q3 2025 revenue figure, which settled at €864m ($1bn), marking a 29% increase from last year's third quarter - but down 3% on a restated basis.
Indeed, FDJ's restated (or pro-forma) basis considers recalculated 2024 financial results that assume the operator's Kindred Group takeover happened at the beginning of the calendar year. In comparison to these results, FDJ's revenue has declined slightly. Nevertheless, overall finances from 2024's original Q3 results have been subject to a healthy upswing.
FDJ year-to-date finances
Considering financials from the first nine months - or three quarters of 2025 - FDJ United has seen these latest results bring up its year-to-date revenue figure 26.5% to total €2.73bn. This figure does, however, also represent a slight downturn of 2.1% in comparison to the operator's 2024 restated revenue for the first three quarters.
The company's leading segment - French lottery and retail sports betting - was subject to a revenue increase on a restated basis, rising by 3.1% to €1.9bn and trailed by online betting and gaming at €675m and international lottery at €124m. These two sectors were down on a restated basis by 12.9% and 11.5%, respectively. Elsewhere, payments and services also declined by 1.6% in comparison to restated results from the prior year.
FDJ Q3 highlights
Regarding FDJ's Q3 2025 results specifically, the operator's restated comparisons were mixed, as the company's French lottery and retail sports betting sector, alongside its international lottery sector, each rose by 2.1% and 0.3% respectively. Online betting and gaming, alongside payments and services, however, declined by 15.6% and 1.8%, respectively.
The operator's overall revenue was largely accounted for by the growing French lottery and retail betting sector, which generated €595m, followed by €209m from the online betting and gaming sector. The company has also sought to specify that, without certain gambling-related tax rises across the European market, Q3 revenue would have remained all but flat (down 0.7%) on a restated basis.
In the wake of these latest financial figures, FDJ has reiterated its full-year financial expectations of €3.7bn in revenue, alongside an expected recurring EBITDA figure of €900m - alongside an EBITDA margin of 24%. Currently, the operator's year-to-date revenue sits at exactly €1bn below this expected figure.
CEO comments
Speaking on these latest financial results, Stéphane Pallez, Chairwoman and CEO of FDJ United, stated: "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."
On balance, FDJ's Q3 displays healthy revenue rises across the board when disregarding 2024's restated results, irrespective of the aforementioned tax rises in France and across Europe. However, what is evident when considering the restated 2024 financials in comparison to these latest results is the unwavering stability of sports betting and - in particular - lottery. Moreover, it would appear that the iGaming sector, at least in France, has been more viscerally affected by changes in the market, as has been represented by a more drastic 15.6% drop-off in revenue from the nation's largest operator. Looking forward, new online casino regulation remains on the shelf, with France's operator ANJ reportedly seeking a 'highly controlled' approach to any prospective legislation.
FDJ's latest revenue figure is down by 8.9% quarter-on-quarter
