France's Gambling Growth Stalls at 0.5% — But Online Casinos Are Booming

Dr. Annelies De Vos · 2026-10-16

France's gambling market hit a speed bump in the first half of 2026. Gross gaming revenue (GGR) reached €5.66 billion ($6.1 billion), up just 0.5% from the same period last year. That's a sharp slowdown from the 4.1% growth we saw in H1 2025. So what's going on? The online sector is thriving, but it's not enough to lift the entire market. Let's break it down. ### Online Gambling Defies the Slowdown According to the Autorité Nationale des Jeux (ANJ), the French gambling regulator, online GGR jumped 11% year-on-year to €1.45 billion ($1.56 billion). That's a solid gain, showing that players are increasingly moving online. But here's the catch: the online sector's share of the total market is still relatively small. It's growing, but not fast enough to offset weaknesses elsewhere. ### Exclusive-Rights Operators Struggle The real drag on growth comes from the exclusive-rights operators — think Française des Jeux (FDJ) and PMU. These are the traditional lottery and horse racing monopolies. Their performance has been lackluster, and that's pulling down the overall numbers. Why the slump? A few factors come into play: - **Post-pandemic normalization**: After a surge in 2025, some of that momentum has faded. - **Consumer spending pressures**: Inflation and economic uncertainty are making people more cautious with their entertainment budgets. - **Regulatory tightening**: France has been cracking down on gambling advertising and promotions, which may be dampening participation. ### What This Means for the Industry A 0.5% growth rate is essentially flat. For an industry that's used to steady expansion, this is a wake-up call. Operators need to adapt to a changing landscape where online is the growth engine, but traditional verticals are stalling. > "The French market is at a crossroads. Online is the future, but the transition isn't seamless. Operators who can innovate and capture the digital audience will thrive, while those stuck in the old model will struggle." — Dr. Annelies De Vos, Senior Analyst, Port Policy and Maritime Strategy ### The Bottom Line France's gambling market is growing, but barely. The online surge is real, but it's not yet enough to carry the whole industry. For now, all eyes are on the second half of 2026 to see if the online momentum can accelerate and whether exclusive-rights operators can turn things around. One thing's for sure: the shift to digital is unstoppable. The question is how quickly the market can adapt.