Banijay Group, under the leadership of CEO François Riahi, has firmly dismissed rumors that it might pivot away from its traditional content business to solely focus on the booming gaming sector. Despite substantial growth in gaming that contributed significantly to the company’s revenues, Banijay intends to maintain its presence in content production as a strategic component of its portfolio.
During the company’s third-quarter earnings call, Riahi addressed analysts’ speculations by affirming, “We’re thrilled with the progress we’ve made in sports betting and gaming, highlighted by the major acquisition of Tipico. However, content remains a vital part of our strategy, with substantial growth potential that we aim to harness. Selling off our content division is not on our agenda.”
Banijay’s content operations, distinct from its gaming interests, focus on producing television and film content with a global reach. This division includes innovative entities like Banijay Media Germany, a creative marketing agency, and Banijay Branded Entertainment, which specializes in branded content across platforms.
The company’s gaming expansion was marked by a significant move in October, when Banijay announced the acquisition of a 65% stake in the German gaming operator Tipico. This deal, expected to close by mid-2026, includes the Admiral brand, acquired from Novomatic earlier in the year. Post-acquisition, Banijay plans to integrate Tipico with its established Betclic brand, which joined forces with Banijay under the newly formed FL Entertainment entity in 2022. By May of the following year, the company had rebranded to Banijay Group, with Banijay Gaming consolidating its online sports betting and gaming operations.
Examining Banijay’s financial results for the nine months ending September 30, 2025, reveals a robust performance with total revenue climbing to €3.22 billion, reflecting a 3.2% increase from the previous year. The content-heavy divisions, Banijay Entertainment and Banijay Live, generated €2.09 billion, a slight rise of 0.4%. However, it was the gaming sector that truly shone, with revenues surging 8.7% to €1.13 billion. This growth was driven by a 23% increase in unique active players.
The sportsbook division contributed significantly to the gaming revenue, bringing in €857 million, a 5.3% increase despite challenging comparisons to 2024, a year that included the latter stages of Euro 2024 and unfavorable sports outcomes in September. Meanwhile, Banijay’s online casino offerings experienced a remarkable 16.4% revenue boost, totaling €179.1 million, fueled by successful launches in markets like Portugal and the Ivory Coast, alongside effective cross-selling strategies.
Further, poker revenues rose by an impressive 32.7% to €76.2 million, outpacing other segments, while the turf activities added €17.8 million, marking a 17.8% increase.
Operationally, Banijay’s external and personnel expenses grew by 2.2% over the nine-month period, yet the revenue surge led to a 9.3% rise in adjusted EBITDA, reaching €597.1 million. Operating profit saw a notable increase of 38.6% to €381.1 million, while pre-tax profit soared by 76.4% to €189 million, even amidst escalating finance costs. After accounting for €60.1 million in income taxes, the net profit stood at €128.9 million, an impressive 132.2% increase.
Despite these gains, Banijay also faced certain financial adjustments, including €17.4 million in restructuring costs and non-recurring items, €87.8 million related to long-term incentive plans, and €37.0 million in other expenses. Ultimately, Banijay recorded an adjusted net income of €271.2 million, surpassing the previous year’s figures by 9.3%.
Reflecting on these results, Riahi noted, “Banijay’s performance across all sectors underscores the resilience and strength of our diversified business model. Every aspect of our operations has contributed to this period of solid growth.”
While the company’s gaming sector is undeniably flourishing, some industry observers express concerns about the potential risks of neglecting traditional content production. A balanced approach, they argue, might safeguard against market volatility within the gaming industry, where regulatory changes and market saturation could pose future challenges.
In contrast, proponents of the gaming expansion point to the lucrative opportunities and rapid technological advancements in the field. They argue that Banijay’s strategic moves position it well to capitalize on the evolving landscape of digital entertainment and gaming.
This debate highlights an underlying tension in Banijay’s dual-focus strategy: the challenge of nurturing its traditional content roots while aggressively pursuing growth in the dynamic gaming sector. The company’s ability to balance these priorities will likely define its trajectory in the coming years, ensuring it remains a formidable player in both arenas.
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