FDJ Targets UK and Netherlands Recovery as Q1 Revenues Dip Under Heavy Gaming Tax Burden

FDJ lowers 2026 guidance as rising gaming taxes in the UK and Netherlands hit revenue. Discover the plan for a digital turnaround under new leadership.

By: AXL Media

Published: Apr 22, 2026, 6:40 AM EDT

Source: Information for this report was sourced from iGaming Business (iGB)

Tax Headwinds Stifle Revenue Growth

La Française des Jeux (FDJ) reported a complex start to 2026, as significant gaming tax increases in key European markets began to weigh on the group’s financial performance. In its Q1 2026 earnings report, FDJ revealed that while Gross Gaming Revenue (GGR) edged up 1% year-on-year to €2.175 billion, total revenue fell 3% to €895 million. This decline was primarily attributed to a €24 million impact from new tax levies. The operator’s online betting and gaming division, which includes the Kindred operations acquired in late 2024, saw an 8% revenue drop to €213 million, illustrating the immediate pressure of fiscal changes on digital margins.

Challenges in the UK and Netherlands Markets

The group's performance was particularly strained in the UK and the Netherlands, both of which implemented aggressive gambling tax hikes between 2025 and early 2026. UK revenue for the Kindred business plummeted by 24.1%, while Netherlands revenue fell 19.9%. Notably, FDJ described the Dutch figures as a "marked improvement" over the 42.1% decline seen in 2025, suggesting that the initial shock of regulation is beginning to stabilize. Outside of these two jurisdictions, FDJ’s online GGR actually rose by 6%, highlighting that the unit’s underlying performance remains healthy in more stable tax environments.

Leadership Shuffle to Drive Digital Turnaround

In response to these regional challenges, FDJ has overhauled its senior management team to prioritize operational efficiency. In February, Pascal Chaffard transitioned from Chief Financial Officer to head the online gaming and betting unit, replacing former Kindred CEO Nils Andén. To fill the CFO vacancy, FDJ recently announced the appointment of Dan Lévy, formerly of Ipsos. This new leadership is "fully committed" to restoring growth in the UK and Netherlands by updating betting platforms and streamlining the integration of Kindred’s technology with the broader FDJ ecosystem.