Banijay has completed its acquisition of Tipico, bringing the German and Austrian betting group together with Betclic and Admiral under Banijay Gaming. The deal gives the French entertainment group a majority stake in a business it says will double its gaming revenues and cash flow, while pushing it deeper into Europe’s regulated sports betting market.
The acquisition created one of Europe’s largest sports betting and online gaming operators and marked a decisive expansion beyond the French company’s traditional television and production business.
Banijay Gaming now spans several regulated markets, with leading positions in Germany, France, Portugal, Austria, Poland and Côte d’Ivoire. Banijay said the combined group is now the fourth-largest sports betting and gaming operator in Europe by revenue, and the leader in sports betting in continental Europe.
The transaction, first announced last October, values Tipico at €4.6bn. Banijay now owns 65 per cent of Banijay Gaming, alongside the founders of Betclic and Tipico, CVC and Tipico managers. The group said it intends to raise that stake to at least 72 per cent in the coming years through call options agreed with CVC and Tipico managers.
A bigger gaming business
Banijay said Tipico’s acquisition would double the revenue, adjusted EBITDA and adjusted free cash flow of its gaming division.
In fall 2025, the company had already set out the scale of the enlarged business, showing combined 2024 Banijay Gaming revenue of more than €3bn, 6.5 million annual unique active players and 1,250 shops, mostly through Tipico’s and Admiral’s German and Austrian retail networks.
Tipico brings a particularly strong position in Germany and Austria, where it is ranked first in sports betting, according to the company’s communication.
“With this combination, Banijay Gaming becomes a truly scaled European platform, with enhanced diversification and increased exposure to large, fully regulated markets,” said Nicolas Béraud, founder of Betclic and chairman of Banijay Gaming.
He added: “By bringing together our shared DNA and technologies, trading expertise and customer platforms, we will accelerate product innovation, enhance our omnichannel offering and deliver a more seamless and engaging experience to our players.”
Synergies after the World Cup
Banijay expects the combined Betclic–Tipico business to become about €100m more profitable per year once the companies are integrated, over the medium term, including €70m from operating efficiencies and €30m from capital expenditure savings. The group said those savings would be implemented progressively after the 2026 Fifa World Cup.
The October investor material described the planned synergies as coming from product innovation, shared technology infrastructure, cloud hosting, procurement and the ability to roll out successful products across more markets.
François Riahi, Banijay Group’s chief executive, had described the transaction as “a transformative deal” when it was announced. He said: “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, providing us – in the sports betting business – with the reach, the scale and the diversification that already make the strength of our content business.”
The closing confirms Banijay’s shift from a television production group into a broader entertainment and betting conglomerate. With Betclic, Tipico and Admiral now under one roof, the company is betting that size, local brands and proprietary technology will matter more than ever in Europe’s tightly regulated gambling markets.
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