France's Gambling Market Barely Grows in H1 2026 as Online Gains Offset FDJ and PMU Slump

France's regulated gambling market all but stood still in the first half of 2026. Gross gaming revenue edged up just 0.5% to €5.66 billion, as a World Cup-fuelled surge online was largely cancelled out by falling revenue at the country's two exclusive-rights operators.

The slowdown is stark when set against the same period last year, when the market grew 4.1%. According to data published by the national regulator, the Autorité Nationale des Jeux (ANJ), weaker results from the monopoly operators were the main drag, while online gambling continued to expand.

The online segment generated €1.45 billion in GGR, an 11% year-on-year rise that lifted its share of the overall market by 2.4 percentage points to 25.6%. The ANJ's figures do not include land-based casinos and gaming clubs, which are reported separately in the regulator's annual review.

Player numbers hit a new high, with 5.85 million active online accounts recorded – 24% more than a year earlier. Sports betting drove most of that increase.

World Cup Drives Online Sports Betting

Online sports betting GGR climbed 11.6% to €995 million, with stakes up 10.6% to €6.6 billion. The bulk of that momentum arrived in June, when the FIFA World Cup kicked off: stakes jumped 47% that month, compared with growth of only 4% across January to May.

The tournament also brought a wave of new and returning players. Active accounts in June were up 69% year-on-year, helped by acquisition bonuses that were almost four times higher than in June 2025.

Across the half, operators spent 28% more on player rewards, totalling €199 million – equal to 13.8% of online GGR. Sports betting accounted for €129 million of that figure, a 35% increase.

Online poker had a strong half as well, with GGR rising 13.4% to €290 million. Sit & Go formats delivered around 70% of poker revenue, and active poker accounts grew 38.5% to 2.3 million – although average revenue per account fell 18%.

Online horse racing betting grew more modestly, with GGR up 2.8% to €164 million. Stakes, however, rose about 16% to €920 million, the segment's best increase since 2021. Online casino games remain prohibited in France, so the regulated digital market is limited to sports betting, poker and horse racing.

FDJ United and PMU Hold the Market Back

FDJ United saw GGR from its exclusive-rights activities slip 2% to €3.43 billion, with lottery accounting for most of the decline. Lottery revenue fell by roughly €64 million to €2.98 billion, and draw games were down 7.6%.

The group pointed to fewer and smaller EuroMillions jackpots, along with lower footfall in retail outlets during heatwaves in the second quarter. Stripping out the effect of long EuroMillions jackpot runs, lottery GGR would have grown 1%.

Horse racing operator Pari-Mutuel Urbain (PMU) endured another tough half, with GGR down 5.8% to €782 million. Stakes dropped 3.8% to €3.1 billion, and its market share fell from 14.7% to 13.8%.

It is PMU's third straight first-half decline, and a steeper one than the 2.6% fall reported in H1 2025. The operator is working on a new horse racing betting product to re-engage customers, is going through a change in governance and is preparing its PMU 2030 Pact. Its 2026 budget earmarks €725 million for the horse racing industry, down from €802 million in 2025.

Retention Will Decide the Second Half

The ANJ says the second half of 2026 will show whether online growth can last once activity settles after the World Cup.

The overall picture will also hinge on FDJ United, which accounts for around 61% of GGR outside casinos and gaming clubs. The operator currently expects revenue from its French retail network to remain stable for the full year.