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France’s national lottery operator delivered stable growth in Q3 2025, but rising taxes and lower online turnover weighed on performance. The FDJ Q3 2025 results show an operator navigating a complex market. Française des Jeux (FDJ) posted €864 million in revenue for the third quarter, marking a 29% increase year-on-year.
However, when adjusted for the Kindred acquisition, revenue slipped 3% on a restated basis, reflecting the impact of France’s July 2025 gambling tax changes and a slowdown in online gaming.
Retail betting anchors FDJ Q3 2025 results
Strong retail activity helped the group offset digital challenges during the quarter.
For the first nine months of 2025, FDJ generated €2.73 billion in total revenue, up 30.2% year-on-year but down 2.1% on a restated comparison.
The company’s retail network, encompassing lottery sales and in-person sports betting, accounted for the bulk of Q3 growth. These channels continue to form the backbone of FDJ’s business model, delivering consistent returns despite regulatory tightening across France’s gambling market.
That consistency proved crucial as FDJ’s online division came under pressure from new tax policies and changing player behaviour. As the FDJ Q3 2025 results confirm, retail betting continues to anchor performance while the digital arm faces structural headwinds.
Online gaming revenue declines 15.6% year-on-year
Digital operations were hit hardest by higher taxation and shifting consumer preferences.
The operator’s online betting and gaming revenue reached €209 million, a 15.6% drop from restated Q3 2024 results. In contrast, lottery and retail sports betting produced €595 million, up 2.5%, showing continued resilience in physical sales. FDJ’s international lottery segment contributed €44 million, while payments and services generated €16 million, down 1.8%.
These figures underline a growing divide between FDJ’s established retail presence and its evolving digital operations, a challenge now central to the group’s transformation strategy.
FDJ Q3 2025 results support 2028 growth plan
FDJ maintains its full-year outlook while pursuing structural efficiency and market diversification.
The company reaffirmed its 2025 revenue guidance of €3.7 billion and an expected recurring EBITDA of €900 million, supported by an EBITDA margin of 24%.
These goals align with FDJ’s Play Forward 2028 plan, which targets 5% organic annual revenue growth through digital transformation and expansion across 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.”
The operator’s focus for 2026 will centre on stabilising its online performance, optimising marketing expenditure, and strengthening cross-border synergies from the Kindred acquisition.
Tax policy and competition shape the road ahead
Higher regulatory costs and market fragmentation remain key challenges for France’s operators.
FDJ’s Q3 performance comes as France’s gambling industry adapts to increased tax rates and stricter compliance obligations. For operators, these measures are reshaping commercial strategies and tightening profit margins.
FDJ’s position as both a state-linked monopoly and a competitive iGaming operator places it at the centre of this evolving market dynamic.
With retail sales providing steady revenue and online operations adjusting to new realities, the coming year will test FDJ’s ability to balance legacy strength with innovation.
Can the company’s retail heritage and digital ambitions coexist under a heavier tax regime?
Source: Gambling Insider
