Key Moments:
- Banijay has secured a 65% controlling stake in Tipico through a major merger with Betclic.
- The combined entity projects over €3 billion in revenue and €850 million in adjusted EBITDA for FY2024.
- Banijay plans to increase its controlling stake in Tipico to 72% by acquiring more equity from CVC Capital.
Merger Details and Strategic Impact
Banijay Group has completed an agreement to merge its Betclic operations with Tipico Sportwetten, acquiring a 65% controlling interest in Tipico from CVC Capital and the company’s founders. This merger positions Banijay, Europe’s largest entertainment and media production group, to broaden its gaming footprint by integrating Betclic, a market leader in France, with Tipico, a dominant player in Germany.
The newly formed entity anticipates generating over €3 billion in revenue alongside €850 million in adjusted EBITDA, based on pro forma figures for fiscal year 2024. In a statement to the Amsterdam Euronext, Banijay CEO François Riahi described the transaction as a “transformative step” that solidifies Banijay’s position as the “natural consolidator across the entertainment and gaming industries.” He added, “Tipico fits perfectly with our DNA — a strong leader in two regulated markets, highly profitable and product-focused. This deal provides Banijay with the reach, scale and diversification that already define our content business.”
Expanding Brand Portfolio and Market Reach
After the merger concludes, Banijay Gaming will oversee three major brands: Betclic, Admiral Austria, and Tipico. Collectively, these brands will serve 6.5 million active customers across six regulated jurisdictions, including France, Austria, Poland, Côte d’Ivoire, and Germany. According to dealmakers, “The combined group will unite strong local champions across key markets. Betclic is a leading operator in France, Portugal, Poland and Côte d’Ivoire, generating €1.4bn in revenues in 20246 through its strong digital expertise.”
Banijay seeks to boost its control in Tipico to 72% by acquiring additional equity from CVC Capital. Tipico, recognized as a top German sports betting and iGaming provider, reported €1.3 billion in revenue in 2024 and expanded into Austria through the acquisition of Admiral, which generated €346 million in revenue last year. The founders of Betclic and Tipico will reinvest their equity and remain long-term shareholders in Banijay Gaming.
Banijay Group has acquired a 65% stake in Tipico from CVC and will merge the brand with Betclic Group to form a new European gambling powerhouse. The deal values the combined group at more than €9bn and is expected to close in mid-2026, subject to regulatory approval.
— iGB (@iGamingBusiness) October 28, 2025
Leadership, Financing, and Future Outlook
Tipico CEO Axel Hefer stated, “Joining forces with Betclic represents the deal we’ve been working towards — refocusing on Europe, expanding in Austria and now building a broader European platform. The partnership gives us the scale and resources to accelerate innovation and set new standards for our customers.”
The transaction is backed by a €3 billion financing package to refinance Tipico’s existing debt, elevating Banijay’s group leverage to 3.5 times. The company targets reducing this ratio below 2.5 times within three years. Banijay also forecasts €100 million in annual synergies through collaborative product development, improved platform efficiencies, and combined procurement.
| Brand | 2024 Revenues (€ million) | Market Presence |
|---|---|---|
| Betclic | 1,400 | France, Portugal, Poland, Côte d’Ivoire |
| Tipico | 1,300 | Germany, Austria |
| Admiral | 346 | Austria |
New Governance and Responsible Expansion
Nicolas Béraud, founder of Betclic, will become Chairman of Banijay Gaming under a new governance structure beginning next January. Lov Group Invest will retain the role of President. Julien Brun is set to lead Betclic as CEO, Axel Hefer will continue as CEO at Tipico, and Joachim Baca will assume the Vice-Chairman role on the Banijay Gaming board.
The incoming leadership team has committed to operating exclusively in regulated markets, with a focus on player protection, integrity, and responsible gaming. Banijay Gaming is considering a potential public listing or a partial spinoff of its expanded gaming division within the next two or three years.
Nicolas Béraud, Founder of Betclic and incoming Chairman of Banijay Gaming, remarked:
“This is a landmark moment for Betclic and for Banijay Gaming. Together with Tipico and Admiral, we are building a new European leader that combines scale with innovation and a strong commitment to sustainable, regulated entertainment.
“Betclic and Tipico share the same values — passion for sport, innovation and focus on markets where we can win. United under Banijay, we will deliver unmatched experiences for players while creating lasting value for our teams and partners across Europe.”
- Author
Daniel Williams
