Banijay Group has completed the merger of its Betclic business with Tipico Sportwetten, marking a significant shift in the European betting landscape. The agreement, unveiled today, gives Banijay a controlling 65% stake in Tipico, acquired from CVC Capital and the founders of the company. With the merger, Banijay, already known as Europe’s largest entertainment and media production entity, is poised to broaden its gaming footprint by merging the top French operator Betclic with Germany’s leading player, Tipico.
This newly formed entity is anticipated to generate over €3 billion in revenue, alongside an adjusted EBITDA reaching €850 million, based on the combined pro forma financial results of the fiscal year 2024. In his address to the Amsterdam Euronext, Banijay’s CEO François Riahi portrayed the merger as a “transformative step” that cements Banijay’s standing as a prime integrator across entertainment and gaming. He emphasized, “Tipico aligns seamlessly with our core principles—being a dominant force in two regulated markets, with strong profitability and a focus on product development. The merger enhances Banijay’s reach, scale, and diversification, which are already hallmarks of our content operations.”
The merger will see Banijay Gaming head three flagship brands: Betclic, Admiral Austria, and Tipico. Combined, these brands will reach an audience of 6.5 million active users across six regulated markets, including France, Austria, Poland, Côte d’Ivoire, and Germany. “The unified group will blend local champions in critical markets. Betclic, a front-runner in France, Portugal, Poland, and Côte d’Ivoire, generated €1.4 billion in revenue in 2024 through its robust digital capabilities,” the architects of the deal noted.
Banijay is also pursuing an increase in its stake in Tipico to 72% by acquiring more equity from CVC Capital. The German sports betting and iGaming leader notched €1.3 billion in revenue in 2024 and recently expanded its portfolio by acquiring Admiral in Austria, a respected name in sports betting and retail gaming, contributing €346 million in revenue last year.
Following this merger, the founders of Betclic and Tipico are set to reinvest their equity, thus remaining long-term stakeholders in Banijay Gaming. Tipico’s CEO, Axel Hefer, expressed excitement about the collaboration: “Teaming up with Betclic is the culmination of our strategic efforts—focusing anew on Europe, expanding into Austria, and now establishing a broader European platform. This alliance provides us with the scale and resources to quicken innovation and establish new benchmarks for our customers.”
The transaction is supported by a €3 billion financial package designed to refinance Tipico’s existing debt, which will elevate Banijay’s group leverage to 3.5 times. The company aims to lower this leverage to under 2.5 times within the next three years. Moreover, Banijay anticipates the merger will realize €100 million in annual synergies through advancements in product innovation, platform efficiencies, and consolidated procurement strategies.
Under the new governance framework commencing next January, Nicolas Béraud, Betclic’s founder, will assume the role of Chairman of Banijay Gaming. Lov Group Invest will continue its presidency role. Julien Brun is slated to become Betclic’s CEO, while Axel Hefer will continue as Tipico’s CEO. Additionally, Joachim Baca will join the Banijay Gaming board as Vice-Chairman.
The leadership team has committed to operating exclusively within regulated markets, maintaining the highest standards for player protection, integrity, and responsible gaming. They are also contemplating a public listing or a partial spin-off of the expanded gaming unit over the next two to three years.
Nicolas Béraud, as the upcoming Chairman of Banijay Gaming, reflected on the merger: “This is a pivotal moment for Betclic and Banijay Gaming. In alliance with Tipico and Admiral, we are forging a new European leader that marries size with innovation and a steadfast dedication to sustainable, regulated entertainment. Betclic and Tipico share a foundational ethos—a passion for sport, a drive to innovate, and a focus on markets where we can achieve success. Unified under Banijay, we will deliver unparalleled player experiences while generating enduring value for our teams and partners throughout Europe.”
While the merger is poised to create a formidable entity in the European betting market, some industry observers caution about potential risks. The increased leverage due to the refinancing package could present challenges if market conditions change unfavorably. Moreover, the integration of two substantial businesses could face operational hurdles, which will require adept management to navigate. Nonetheless, the potential synergies and enhanced market reach position Banijay Gaming as a prominent player poised to capitalize on the evolving igaming landscape.
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