On October 28, 2025, Banijay Group announced a significant expansion in the European gambling market by acquiring a 65% stake in Tipico Group from the private equity giant CVC. This strategic move is set to merge Tipico and Betclic into a formidable European leader in sports betting and gaming. The deal, structured to increase Banijay’s ownership to a minimum of 72% through various call options, is supported by a financing package worth €3 billion, paid in cash.
The merger aims to consolidate the strengths of both brands, with shareholders from Tipico and Betclic retaining their stakes in the newly formed entity. Moreover, Tipico’s founders will transfer 100% of their shares into the combined Banijay Gaming group, underscoring the collaborative effort to create a larger market presence.
To facilitate this acquisition, some of Betclic’s primary financiers will step in to refinance and underwrite Tipico Group’s existing debt. This maneuver is expected to bolster Banijay’s financial strategy and support the integration process.
Banijay Group anticipates the acquisition will propel its revenue to €6.4 billion on a pro forma basis, with an adjusted EBITDA of €1.4 billion by 2024. The merger, valuing Betclic and Tipico at €4.8 billion and €4.6 billion respectively, is projected to conclude by mid-2026, contingent on merger control and regulatory approvals.
With these developments, Banijay Group is poised to operate as the fourth largest sports betting and gaming entity in Europe. The merger will not only expand Banijay’s regulated market footprint but also enhance its retail presence, featuring over 1,250 betting shops across the continent.
François Riahi, CEO of Banijay Group, remarked that the deal is “transformative,” emphasizing Tipico’s robust market position in Germany and Austria. He noted that Tipico aligns perfectly with Banijay’s strategy of expanding value in regulated markets, adding, “Tipico fits perfectly well in this strategy and is in line with our DNA: strong leader in two important markets, fully regulated, product focused, highly profitable.”
The acquisition will also include Tipico’s Admiral business, acquired from Novomatic in January, which operates betting and gaming terminals in Austria and a network of retail betting shops.
On the other hand, Betclic will divest its 53.9% stake in the German iGaming and sports betting company Bet-at-home, which has faced challenges with German regulatory compliance, resulting in stagnant revenue for the first half of 2025.
The newly formed Banijay Gaming will operate exclusively in locally regulated markets, with activities in Germany, Austria, France, Portugal, Poland, and the Ivory Coast. This strategic focus on regulated markets aims to ensure compliance and sustainable growth.
As part of the restructuring, Betclic CEO Nicolas Béraud will assume the role of chairman of Banijay Gaming’s board starting January 1, 2026. Meanwhile, COO Julien Brun will take over as Betclic CEO. Former Tipico CEO Joachim Baca will become vice-chairman of the Banijay Gaming board, and current Tipico CEO Axel Hefer will continue in his current position.
Analysts at Regulus Partners have expressed confidence in the deal’s potential for revenue growth, arguing that the benefits will likely exceed the associated costs. They highlighted Tipico and Betclic’s ability to innovate and add value even in challenging regulatory environments, attributing this success to their “operational excellence” and expertise as “local hero specialists.”
However, the analysts cautioned that long-term value creation will depend on Banijay’s ability to replicate its successful “local hero” model in new markets. They also noted that achieving tax and regulatory liberalization in key markets such as Germany and France will be crucial for sustaining growth, as the black market remains a significant competitor in these regions.
In conclusion, Banijay Group’s acquisition of a majority stake in Tipico and the subsequent merger with Betclic represent a bold step towards solidifying its position in the European gambling industry. With strategic planning and careful execution, the company aims to navigate regulatory challenges and maximize the merger’s potential, ultimately creating a dominant force in the sports betting and gaming landscape.
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