Banijay Group is seeking to become a European betting and gaming powerhouse after agreeing to acquire a majority stake in Tipico Group for €3 billion.

The binding agreement with CVC and Tipico’s founders will combine the Betclic and Tipico brands, including recently acquired Admiral Austria, with Banijay Group becoming the majority shareholder of the combined entity.

The transaction will be fully backed by a certain funds financing package for a principal amount equal to approximately €3 billion, including the refinancing of Tipico’s existing debt, underwritten by certain of Betclic’s main financing partners. 

“Banijay Group’s story is one of sustained growth and expansion – uniting entrepreneurs, talent and expertise across industries to build champions,” said Banijay Group chairman Stéphane Courbit, who also serves as president of Lov Group Invest, the largest shareholder in Banijay. “The addition of Tipico marks another decisive step in that journey and reinforces our position as a driving force in the European sports betting and gaming landscape. This is a strong move that reflects our ambition and long-term vision.”

Following completion, Banijay Group would own approximately 64.9 per cent of the combined entity. The Tipico founders, CVC, Betclic founder Nicolas Béraud and Tipico executives would hold the remaining 35.1 per cent.

Banijay Group aims to reach a minimum of 72 per cent in the target structure through call options agreed on the shares held by CVC and the managers of Tipico. CVC will remain a minority shareholder in the medium term to support the company’s continued development.

Banijay Group CEO François Riahi commented: “We are delighted to announce this transformative deal for Banijay Group. As presented during our Capital Markets Day, Banijay Group is a natural consolidator in the field of Entertainment and is able to seize opportunities to expand and to create value. 

“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. 

“I am particularly pleased to see that Tipico founders have decided to partner with us to build a new European leader in the sports betting business, rolling over all their stake in Tipico into Banijay Gaming, which is fully consistent with our DNA to gather strong entrepreneurs for the long term and a testimony to their trust in the future value creation.”

From 1 January 2026, Betclic founder and CEO Nicolas Béraud will become chairman of Banijay Gaming, while Betclic chief operating officer Julien Brun will succeed Béraud as CEO. 

After completion of the transaction, former Tipico CEO Joachim Baca will become vice chairman of Banijay Gaming, while Tipico CEO Axel Hefer will remain in his current role.

“It is an exciting landmark moment for Betclic and Banijay Gaming,” said Béraud. “Through the proposed combination leveraging three strong brands: Betclic, Tipico, Admiral – Banijay Gaming is building a new European leader – one that combines scale with innovation, and a deep commitment to sustainable, regulated entertainment. 

“Betclic and Tipico share the same set of values: the passion for sport, the sense of innovation and the focus on the markets where they can win. Together, we will be stronger, with the scale, talent, and innovation needed to deliver unmatched experience for our players, while opening new opportunities for our teams and partners across Europe.”

With the addition of Tipico, Banijay Group’s pro forma revenue in 2024 would have amounted to €6.4 billion, generating adjusted EBITDA of €1.4 billion.

The acquisition will rebalance Banijay Group’s portfolio, creating a more even split in revenue between its Entertainment & Live segment (€3.35 billion) and Banijay Gaming (€3.02 billion).

At an adjusted EBITDA level on a pro forma basis, Entertainment & Live segment contributed €528 million in 2024, and Banijay Gaming €854 million, highlighting the enhanced scale of the gaming division.

The enlarged Banijay Gaming will serve almost 6.5 million unique active players annually, and operate more than 1,250 betting shops across Germany and Austria.

Betclic is a leading operator in France, Portugal, Poland and Côte d’Ivoire, generating €1.4 billion in revenue in 2024, while Tipico generated €1.3 billion in revenue from Germany and Austria. In September, Tipico further expanded its footprint with the acquisition of Admiral in Austria, which delivered €346 million in revenue in 2024.

In the current deal, the enterprise values agreed by the parties for Betclic and Tipico amount to €4.8 billion and €4.6 billion respectively.

“Joining forces with Betclic represents a pivotal milestone in Tipico’s growth journey,” said Tipico CEO Axel Hefer. “It is the deal we have been working towards – from refocusing on Europe after the sale of our US business, to last year’s expansion in Austria, and now building a broader European platform. 

“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 unlock untapped potential and create lasting value for our customers, our employees, our partners and the industry at large.”

The proposed transaction is subject to customary conditions precedent, in particular merger control and gambling regulatory approvals, and is expected to close by mid-2026.

As part of the deal, Banijay confirmed that Betclic will divest its 53.9 per cent stake in bet-at-home.com, the Frankfurt-listed online gaming and sports betting business.

Shares in Banijay Group NV (AMS:BNJ) were trading 6.60 per cent higher on the news at €10.50 per share in Amsterdam earlier Tuesday, while shares in bet-at-home.com AG (FRA:ACX) were trading 2.75 per cent lower at €2.48 per share in Frankfurt.