Table of Contents
Scale and Market Position
Banijay Group’s gaming division—Banijay Gaming—will double in revenue, adjusted EBITDA and free cash flow following the transaction. The combined operation will serve almost 6.5 million unique active players annually, operate more than 1,250 betting shops in Germany and Austria, and employ 5,300 people across the three brands: Betclic, Tipico and Admiral Austria.
Together, the entities generated €3.0 billion in revenues, €854 million in adjusted EBITDA and €716 million in adjusted free cash flow in 2024 on a pro forma basis. The combination creates what Banijay describes as the fourth largest European sports betting and gaming player and the leader of sports betting in Continental Europe.
The deal unites two complementary local champions with strong positions in six regulated markets. Betclic generated €1.4 billion in revenues in 2024 through its digital expertise, while Tipico delivered €1.3 billion in 2024 revenues through its omnichannel platform. Admiral Austria, acquired by Tipico in September 2025, contributed €346 million in revenues in 2024.
Strategic Rationale
The transaction fits within Banijay Group’s strategy to scale across Entertainment, Live and Gaming, cementing its position as a content powerhouse across the global entertainment industry. The acquisition will rebalance the Group’s portfolio, creating a more even split between Entertainment & Live and Gaming activities.
On a pro forma basis, Banijay Entertainment & Live will represent 53% of 2024 revenue, while Banijay Gaming will account for 47%. At adjusted EBITDA level, Banijay Gaming will contribute 62% of adjusted EBITDA, highlighting the enhanced scale of the gaming division.
“We are delighted to announce this transformative deal for Banijay Group. 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.”
François Riahi, CEO of Banijay Group
Banijay Gaming will operate exclusively in locally regulated markets and maintain high standards of player protection, integrity and responsible gaming. The combined group will unite strong local champions across key markets while preserving the unique DNA and strength of each local brand.
Complementary Strengths
Industry analysts view the combination as a strategic marriage of complementary capabilities. Betclic brings recognized digital expertise from its operations in France, Portugal, Poland and Côte d’Ivoire, while Tipico contributes omnichannel strength through its retail network and online platforms in Germany and Austria.
"This deal represents a significant convergence of the media and gambling industries. It combines entertainment content with sports betting," says Gabriele Stark-Lütke Schwienhorst, senior associate at CMS Germany. "It signals a shift towards cross-media ecosystems in the European gambling industry and a clear strategy for Tier 1 operators towards continued consolidation in heavily-regulated European markets."
The combination will create a balanced geographic footprint across regulated and fast-growing markets, enabling Banijay Gaming to deliver a multi-channel offering. Betclic and Tipico will continue to operate with their own governance and autonomous management teams, preserving their unique brands and proprietary platforms.
Leadership Structure
As of January 1, 2026, Nicolas Béraud, Betclic CEO, will become Chairman of the Board of Banijay Gaming, while Lov Group Invest will continue as President. Julien Brun, currently COO of Betclic, will succeed Nicolas Béraud as Betclic CEO.
After completion of the transaction, Joachim Baca, Chairman and former CEO of Tipico, will become Vice-Chairman of the Board of Banijay Gaming, while Axel Hefer, CEO of Tipico, will remain in his current role.
“Joining forces with Betclic represents a pivotal milestone in Tipico’s growth journey. This partnership provides the scale and resources to accelerate product innovation, make bold investments in technology and set new standards for our customers. Combining local market knowledge with a truly European vision will create lasting value for our customers, our employees, our partners and the industry at large.”
Axel Hefer, CEO of Tipico
Synergies and Financial Terms
The Group expects to generate approximately €100 million in annual synergies in the medium term, balanced between revenue growth and cost efficiencies. The transaction is expected to be margin-accretive, with profitability rising from 18.7% on a reported basis to 21.6% on a pro forma basis in 2024.
Synergy opportunities include accelerated product innovation by combining complementary technologies, scaling local successes across markets, leveraging increased scale for new growth opportunities, optimized infrastructure and technology efficiency, and shared procurement power with key suppliers.
The valuation for Betclic and Tipico groups is based on respective enterprise values of €4.8 billion and €4.6 billion. Banijay Group will buy CVC’s major stake in Tipico in cash, with all shareholders of Betclic and Tipico, including the respective founders, becoming shareholders of the combined entity.
Following completion, Banijay Group will own approximately 65% of the combined entity on a fully diluted basis, with the Tipico founders, CVC, Nicolas Béraud and Tipico managers holding 35.1%. Banijay Group aims to reach a minimum of 72% ownership through call options agreed on shares held by CVC and Tipico managers.
Financing and Timeline
The transaction will be backed by a certain funds financing package for approximately €3 billion, including refinancing of Tipico Group’s existing debt, underwritten by certain of Betclic’s main financing partners. Banijay Group’s post-transaction leverage is expected at 3.5x, with a reduction below 2.5x within three years after closing, driven by strong cash flow generation.
Daniel Pindur, Managing Partner at CVC Capital Partners and Co-Head of CVC DACH, commented on the transaction: "Since our investment in Tipico, we have worked closely with its founders and management to transform the company into the leading sports betting and gaming operator in the DACH region, with scale, innovation and a strong position in regulated markets. The combination with Betclic is the natural next step in this growth story."
The proposed transaction is subject to customary conditions precedent, particularly merger control and gambling regulatory approvals. Completion is expected by mid-2026. Banijay will need to obtain approval from Germany’s Joint Gambling Authority (GGL) and EU competition authorities.
Broader Industry Implications
The Banijay-Tipico transaction represents the latest chapter in accelerating European gambling consolidation. Operators are pursuing scale as taxes rise, margins narrow and regulation tightens across the continent. Compliance costs and marketing restrictions are squeezing smaller operators, while established players look to spread fixed costs across wider revenue bases.
Vaughan Lewis, a gambling industry strategist, describes the deal as "transformational, creating a leading betting and gaming operator across key European countries, and one of the largest in the world." He adds that the transaction provides "further evidence of the ‘local hero’ consolidation strategy, combining market-leading brands while benefiting from group economies of scale."
The transaction demonstrates a sector-wide shift away from chasing unregulated markets toward mastering complex regulated jurisdictions. "This demonstrates that significant value creation is being driven by regulated markets," Lewis notes. "Regulatory challenges create barriers to entry, which tends to increase the value and sustainability of the leading operators."
Analysts expect the deal to trigger further consolidation activity across regulated European markets. Paul Richardson, managing partner at Partis Capital, suggests the transaction "stops Flutter moving into Germany, as there is very little else to buy of scale in the market." He predicts "other private-equity or former PE single-market operators like Lottomatica will need to buy international diversification at scale."
The Banijay-Tipico combination follows several major European gaming transactions, including Allwyn’s takeover of OPAP and FDJ United’s acquisition of Kindred Group earlier this year. Europe’s betting landscape is consolidating into a handful of regionally diversified conglomerates, including Flutter, Entain, FDJ United, Banijay Gaming and Allwyn.
Industry experts point to an emerging pattern where continental European groups are consolidating strength in markets with stable, albeit strict, regulatory frameworks. France has notably emerged as a hub for major gaming operators despite its punishing tax rates and absence of legal online casino, with both Banijay Gaming and FDJ United now representing Europe’s two largest gaming operations.
"France’s market is indeed highly regulated and heavily taxed, yet certain operators demonstrate sophisticated regulatory resilience," says Stark-Lütke Schwienhorst. "Their compliance expertise, financial strength and institutional relationships provide a competitive edge as other jurisdictions tighten controls. Being forged in a tough market like France or Germany could become a strength when expanding across Europe."
As part of the transaction, Betclic will divest its 53.9% stake in Bet-at-home.com AG, a German online gaming and sports betting company.
Source: Banijay Group
