La Française des Jeux’s parent company FDJ United published its first-quarter 2026 financial results on April 21, revealing a nuanced picture of the French lottery market. While headline revenues declined, the underlying lottery business remained broadly resilient and online play continues to grow at a pace that few expected when FDJ first launched its digital platform. Sources: FDJ United Q1 2026 Financial Report, ANJ Annual Report 2024, Public Gaming Research Institute.
Here’s what the numbers tell us, and what they mean for players.
Group Revenue Fell 3.3% But the Lottery Core Held
FDJ United’s total group revenue came in at €895 million for Q1 2026, down -3.2% compared to the same period last year. On the surface that sounds concerning, but the headline figure is heavily influenced by factors beyond the lottery itself including weak online sports betting performance and a significant new tax burden.
The French lottery and retail sports betting business unit — the part of FDJ United that covers Loto, EuroMillions, Keno and scratch cards — reported Gross Gaming Revenue (GGR) of €1,740 million, essentially flat year-on-year. Lottery GGR specifically came in at €1,517 million, up +0.4%, showing the core lottery product remained stable despite broader headwinds.
Why Draw Game Revenue Dropped 6.26%
The sharpest decline was in draw games Loto and EuroMillions where revenue fell -6.26% to €199 million. To understand why, you need to know how FDJ’s lottery economics work.
Draw game revenue is strongly driven by “long cycles” — extended jackpot runs that occur when no one wins for several consecutive draws, causing the prize pool to roll over and grow. Large jackpots attract significantly more players and ticket purchases.
In Q1 2025, there were 16 long cycles for Loto alone. In Q1 2026, that number dropped to just 3. Two Super Loto draws — on Friday 13 February and Friday 13 March — were won in their very first draw, cutting short what would have been extended high-revenue periods.
This is simply the nature of lottery mechanics. Jackpot cycles are determined by random chance, not by FDJ’s business strategy. The underlying player base did not shrink the jackpots just didn’t accumulate in the same way.
Online Lottery Passes 6 Million Digital Players
The standout positive from Q1 2026 is the continued growth of FDJ’s online lottery channel. Online lottery revenue rose +1.4% to €81 million, and now represents 15.5% of total lottery revenue up from lower levels just a few years ago.
More significantly, FDJ reported that its digital player base has now exceeded 6 million, reflecting a long-term structural shift in how French players access lottery games. Players are increasingly buying Loto and EuroMillions tickets through the FDJ app and website rather than at physical retail points.
This trend matters for anyone interested in French lotteries from outside France: as FDJ expands its digital infrastructure, online participation becomes increasingly accessible and mainstream.
Instant Games Remain Strong
Scratch cards and instant games held up well during the quarter, continuing a trend that FDJ has benefited from over the past two years. Instant games are the second most popular gambling format in France behind the lottery, with approximately 20 million players nationally. Their consistent performance provides FDJ with a reliable revenue buffer when draw game jackpot cycles are short.
A €90 Million Tax Headwind for 2026
The single biggest challenge FDJ United flagged for 2026 is not competition or declining player interest — it is taxation.
France’s Social Security Financing Act for 2025 introduced new tax measures on betting and gaming that took effect from 1 July 2025. These measures significantly increased the public levy rates on gross gaming revenue. FDJ United estimates the full-year impact at approximately €90 million in additional taxation a material drag on profitability that will be felt across all four quarters of 2026.
For context, this tax increase was not unique to FDJ. It affected the entire licensed French gambling sector, and is partly why the ANJ has been particularly attentive to responsible gambling compliance in 2026 the regulator is acutely aware that operators under financial pressure may be tempted to push marketing budgets harder.
What This Means for Players
For players, the Q1 2026 results reinforce a few practical takeaways:
- The French lottery is not in decline. GGR stability at €1.5 billion confirms the games remain widely played. Short jackpot cycles in a single quarter do not indicate a structural problem.
- Online access is easier than ever. With 6 million digital players now registered on FDJ’s platform, the infrastructure for playing Loto and EuroMillions online is mature and well-supported.
- Jackpot size is unpredictable by design. The Q1 draw game dip is a statistical reality of how lotteries work. Long jackpot cycles — and the big prizes that come with them — will return.
FDJ United will publish its half-year 2026 results on 29 July 2026.