Banijay Acquires Majority Stake in Tipico to Create “European Betting Champion”

French multinational television production and distribution company Banijay Group announced that it has acquired a majority stake in sports betting company Tipico Group. The former said that it plans to merge its Betclic brand with Tipico, resulting in a stronger betting business.

Banijay Acquires Majority Stake in Tipico

In its announcement, Banijay said that it has acquired a majority stake in Tipico with the intention of combining it with Betclic and creating a “European champion in sports betting and online gaming.” The company said that it will fund the transaction in cash, leveraging a EUR 3 billion package and refinancing Tipico’s debt.

Banijay also noted that all shareholders of Betclic and Tipico will remain shareholders of the resulting entity.

According to Banijay, it will be the controlling shareholder of Tipico with a 65% stake at closing. The company hopes to increase its ownership to 72%,

Banijay projected that the deal will boost its pro forma revenue and adjusted EBITDA for 2024 to EUR 6.4 billion and EUR 1.4 billion, respectively. Banijay’s gaming division, Banijay Gaming, will therefore experience a doubling in revenue, adjusted EBITDA, and free cash-flow.

The division is comprised of Betclic, Tipico and Admiral2, which generated pro forma revenue, adjusted EBITDA, and free cash flow of EUR 3 billion, EUR 854 million and EUR 716 million, respectively. The three brands serve a total of 6.5 million players, operate 1,250 betting shops across Germany and Austria, and employ 5,300 people.

Banijay to Pair Two Complementary Businesses

Banijay said that Betclic and Tipico are complementary businesses. With the former’s digital expertise and the latter’s omnichannel experience, Banijay will be able to grow across all distribution channels.

The company predicted approximately EUR 100 million in annual synergies, calling this forecast an “attractive value proposition for stakeholders.”  

For context, the transaction values Betclic and Tipico at EUR 4.8 billion and EUR 4.6 billion, respectively. Following the merger, the two brands’ founders will remain long-term shareholders in Banijay Gaming.

Banijay unveiled a few leadership changes, saying that Nicolas Béraud, CEO of Betclic, will be named chair of Banijay Gaming’s board. Betclic COO Julien Brun, on the other hand, will succeed Nicolas Béraud as Betclic CEO. Ex-Tipico CEO Joachim Baca will be named vice chair of Banijay Gaming’s board and Axel Hefer, CEO of Tipico, will retain his current role.

The deal is expected to wrap up in mid-2026, subject to various conditions and regulations.

A Natural Next Step for Everyone Involved

Representatives commented on the agreement, with Stéphane Courbit, Lov Group Invest’s president, praising Banijay Group’s success story and calling the acquisition a “decisive step” in its growth journey.

Banijay Group CEO François Riahi said that this is a “transformative deal” for his company, emphasizing Tipico’s strong alignment with his team’s strategy.

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.

François Riahi, CEO, Banijay Group

Nicolas Béraud, Betclic founder and Banijay Gaming chair appointee, described the transaction as an “exciting landmark moment” for everyone involved.

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.

Nicolas Béraud, founder, Betclic

Béraud added that the resulting business will be stronger, scalable, poised to deliver innovative, unmatched experiences, and open new opportunities across Europe.

Axel Hefer, Tipico’s CEO, said that his team had been working toward this deal ever since its refocus on Europe following the sale of its US assets. He added:

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.

Axel Hefer, CEO, Tipico

Last but not least, Daniel Pindur, managing partner at CVC Capital Partners and co-head of CVC DACH, expressed optimism about Tipico’s merger with Betclic, saying that it is “the natural next step in this growth story.”