FDJ Sets Out UK Position
FDJ United has signalled that Unibet will remain part of its UK plans, despite weaker first-quarter figures for the group’s online betting and gaming division.
The update follows FDJ’s Q1 2026 results, which showed pressure in both the UK and the Netherlands. iGamingBusiness reported that Pascal Chaffard, FDJ’s Chief Online Betting and Gaming Officer, ruled out a UK withdrawal during the company’s earnings discussion, saying the issue was one of fixing performance rather than exiting the market.
UK Performance Remains Difficult
FDJ reported group gross gaming revenue of €2.175bn for Q1 2026, up 1%, while revenue fell 3.2% to €895m after a €24m impact from calendar gaming tax increases.
The online betting and gaming business unit, which includes the Kindred operations acquired by FDJ in 2024, recorded GGR of €342m, down 1.1%, and revenue of €213m, down 7.7%, after a €9m impact from calendar gaming tax increases. FDJ completed its acquisition of Kindred after its tender offer succeeded in October 2024; Kindred’s brands include Unibet and 32Red.
Within that division, FDJ described the UK as “still difficult”. Its investor presentation showed UK GGR down 23.9% and UK revenue down 24.1%. The Netherlands also remained under pressure, with GGR down 14.5% and revenue down 19.9%. Excluding the UK and Netherlands, online betting and gaming GGR rose 6.3%, while revenue fell 1.1%.
No UK Exit Planned
The UK decline raised questions over the future of Unibet in the market, but Chaffard’s reported comments point to a recovery plan rather than a withdrawal. According to iGamingBusiness, he said FDJ had no intention of leaving the UK and framed the challenge as an operational issue that could be addressed over coming quarters.
The backdrop for UK-facing operators has become more demanding. HMRC says Remote Gaming Duty increased from 21% to 40% from 1 April 2026, while a separate 25% remote betting rate within General Betting Duty is scheduled from 1 April 2027, excluding remote bets on UK horseracing.
Turnaround Plan
FDJ’s own materials set out a practical recovery plan for the online betting and gaming unit. The investor presentation lists targeted taskforces for the UK and Netherlands, a shift to ROI-led marketing, improved player experience, organisational streamlining and a proprietary platform roll-out.
The company has also changed leadership in the division. FDJ announced in February that Chaffard had been appointed Chief Online Betting and Gaming Officer, as well as Group Strategy and Operational Transformation Officer. The same announcement said Nils Andén, who had overseen Kindred’s integration into the group, was leaving the company.
FDJ now expects a slight increase in GGR for the 2026 financial year, but a slight decline in revenue. It also expects a recurring EBITDA margin of 23% to 24%, with the online betting and gaming unit targeted for improvement over the year and a return to GGR growth in the second half.
