Banijay acquires Tipico, merges with Betclic creating €3bn Banijay Gaming. Deal forms new European gambling leader focused on regulated markets like FR & DE.
Media and entertainment giant Banijay Group has announced a landmark deal to merge its successful Betclic online gambling operation with Tipico Sportwetten, following an acquisition of a majority stake in the latter. Announced this morning, Banijay will acquire a 65% holding in Tipico from private equity firm CVC Capital Partners and its founders. This move creates a formidable new entity, Banijay Gaming, instantly establishing a European gambling leader with combined pro forma revenues exceeding €3 billion and adjusted EBITDA of €850 million based on FY2024 results.
Banijay CEO François Riahi hailed the Banijay Betclic Tipico merger as a “transformative step,” positioning the group as a “natural consolidator across the entertainment and gaming industries.” He added, “ Tipico fits perfectly with our DNA, a strong leader in two regulated markets, highly profitable and product focused. This deal provides Banijay with the reach, scale and diversification that already define our content business.” Once completed, Banijay Gaming will boast three core brands: Betclic, Tipico, and Admiral Austria, serving 6.5 million active customers across six key regulated markets gambling territories including Germany, France, Portugal, and Austria.
The Tipico acquisition involves Banijay taking an initial 65% stake, with plans to increase this to 72% by purchasing further equity from CVC Capital. The founders of both Betclic and Tipico are rolling over their equity stakes, remaining significant long term shareholders in the newly formed Banijay Gaming. This structure ensures continuity and aligns founder interests with the new entity’s success. The transaction is supported by a €3 billion financing package designed primarily to refinance Tipico’s existing debt, bringing Banijay’s overall group leverage to a manageable 3.5x, with ambitions to reduce this below 2.5x within three years.
A key financial driver for the Banijay Betclic Tipico merger is the projection of €100 million in annual synergies. These savings are expected to come from consolidating technology platforms, enhancing product innovation across the brands, improving procurement efficiency, and sharing best practices between the formerly separate Betclic and Tipico operations. Achieving these synergies will be crucial for justifying the significant investment and navigating the challenging market conditions.
The enlarged Banijay Gaming unit will see a blend of existing leadership. Betclic founder Nicolas Béraud will step up to become Chairman of Banijay Gaming from January 2026. Axel Hefer will continue in his role as CEO of Tipico, ensuring stability within the German gambling market leader. Julien Brun is promoted to CEO of Betclic. Joachim Baca, formerly associated with Admiral, joins as Vice Chairman of the Banijay Gaming board.
The new leadership has firmly committed the combined business to operate exclusively within locally regulated markets gambling frameworks, emphasizing the highest standards of player protection and responsible gaming. This focus on regulated markets gambling is a clear strategic choice. The team also anticipates exploring options for a public listing or partial spin off of the Banijay Gaming unit within the next two to three years, suggesting ambitions for further growth and value creation.
Before the Banijay Betclic Tipico merger can be finalised, it must navigate a series of significant regulatory approvals. Given the combined entity’s substantial market share in key European gambling jurisdictions, the deal requires clearance from multiple competition authorities, including the European Commission (DG COMP), Germany’s Bundeskartellamt (FCO), Austria’s BWB, and France’s Autorité de la Concurrence. Securing these regulatory approvals will be a critical step in the transaction timeline.
Beyond the regulatory process, the new Banijay Gaming entity faces considerable market challenges, particularly the high tax rates prevalent in its core markets. Both the German gambling market and the French gambling market now feature effective gross gaming income tax rates exceeding 50% as of 2025. Managing profitability and achieving the projected €100m synergies under such demanding fiscal conditions will be a key test for the new leadership team and the overall success of this major gambling consolidation Europe play.
The Banijay Betclic Tipico merger represents a significant moment of gambling consolidation Europe, driven primarily by the strategic imperative for scale in increasingly costly and complex regulated markets gambling. By combining Betclic, the leader in the French gambling market, with Tipico, the dominant force in the German gambling market, Banijay Gaming instantly achieves formidable market share and operational leverage. This scale is crucial for absorbing the high tax rates (over 50% effective GGR) and compliance burdens now characteristic of major European gambling jurisdictions. The acquisition of Tipico from CVC Capital also signifies a major private equity exit, underscoring the mature phase the European gambling market has entered where significant M&A is required for growth.
Achieving the ambitious €100 million annual synergies target will be the key operational challenge and the benchmark for the merger’s success. Integrating the distinct technological platforms, corporate cultures, and market approaches of Betclic, Tipico, and Admiral Austria is a complex undertaking, especially across multiple regulated markets gambling territories with varying regulatory approvals needed. Failure to realise these synergies efficiently could strain Banijay’s balance sheet, impacting its leverage reduction targets and potentially delaying the planned future listing of Banijay Gaming. The leadership structure, blending executives from both sides, aims to facilitate this integration, but execution will be paramount given the high financial stakes.
This deal solidifies Banijay’s transformation into a major player not just in media but also in the European gambling B2C space, creating a direct competitor to established giants like Flutter and Entain. The clear focus on exclusively regulated markets gambling aligns with investor sentiment and long term sustainability trends within the iGaming operator landscape. The successful navigation of multi jurisdictional regulatory approvals and subsequent integration will determine if Banijay Gaming can truly become the “European Champion” envisioned by its leadership, setting a new benchmark for gambling consolidation Europe.
