In the first nine months of 2025, Banijay Group reported significant revenue growth, driven largely by its expanding gaming sector. However, CEO François Riahi confirmed during a Q3 earnings call that selling off its content division is not in the company’s plans, as opportunities for growth remain robust in that sector.
Riahi emphasized to analysts that the acquisition of the German operator Tipico was a substantial milestone, reinforcing Banijay’s commitment to growth in gaming. “We are very happy with our development in sports betting and gaming,” he stated. Yet, he was quick to point out the continued potential on the entertainment side. “We also believe that we have very positive opportunities on the content side. So no, we don’t have any plans to sell this division.”
Banijay’s content business, which operates separately from gaming, focuses on developing and producing global media, including television and film. This division includes Banijay Media Germany, a creative marketing agency, and Banijay Branded Entertainment.
October saw Banijay announce the acquisition of a majority stake in Tipico, including its Admiral business, previously acquired from Novomatic in January. The deal, set to complete in mid-2026, will see Banijay holding 65% of Tipico. Once finalized, Tipico will merge with Banijay’s existing brand, Betclic, which has been part of the group for several years. The merger initially began in May 2022 when Betclic joined forces with Banijay to create FL Entertainment, later rebranded as Banijay Group in May.
In terms of financial outcomes for the nine months ending September 30, Banijay reported a revenue of €3.22 billion, marking a 3.2% increase from the prior year. The content and production units, Banijay Entertainment and Banijay Live, accounted for the largest revenue slice at €2.09 billion, reflecting a 0.4% rise. Meanwhile, the gaming division was the standout performer, with revenues climbing 8.7% to €1.13 billion and a 23% surge in unique active players.
Within gaming, the sportsbook segment generated the highest revenue at €857 million, a 5.3% increase from the previous year, despite challenging conditions due to unfavorable sports outcomes in September and tough comparisons with Euro 2024. The online casino sector achieved double-digit growth of 16.4%, reaching €179.1 million, fueled by continued momentum in Portugal and a new launch in Ivory Coast. Banijay credited cross-selling from the sportsbook and an enhanced content offering for part of this success.
The poker segment also witnessed a significant rise, with a 32.7% increase in revenue to €76.2 million, the highest growth rate within the gaming division. Turf activities contributed €17.8 million, up 17.8%.
Despite a 2.2% increase in external and personnel expenses over the nine-month period, the group’s adjusted EBITDA rose by 9.3% to €597.1 million. Operating profit soared 38.6% to €381.1 million, and pre-tax profit jumped 76.4% to €189 million, despite higher finance-related costs. After accounting for income taxes of €60.1 million, net profit stood at €128.9 million, a remarkable 132.2% increase.
The financial outcomes were adjusted for certain factors, including €17.4 million in restructuring costs, €87.8 million related to long-term incentive plans and employment earn-out and option expenses, and €37.0 million in other costs. Ultimately, Banijay’s adjusted net income was €271.2 million, up 9.3% from the previous year.
The results reflect strong performance and growth across all of Banijay’s activities, illustrating the strength of its diversified model. However, the industry context remains dynamic, with various stakeholders arguing for different strategies. While some investors might push for a more focused approach, concentrating solely on gaming due to its rapid growth, others see value in maintaining a diversified portfolio that includes content production. This strategy could provide stability and an additional revenue stream, potentially mitigating risks associated with the cyclical nature of the gaming industry.
As Banijay looks ahead, its commitment to both gaming and content underscores a dual strategy aimed at capturing diverse market opportunities. Balancing these two divisions allows the company to leverage its strengths in different sectors, navigating economic fluctuations while pursuing sustained growth.
4.8/5
