Banijay Group has agreed terms to merge its Betclic business with Tipico Sportwetten, in a transformative deal for European gambling markets. 

Announced this morning, Banijay, Europe’s largest entertainment and media production firm, has begun deal proceedings to acquire a majority 65% stake in Tipico from private equity owners CVC Capital and founders.

The transaction will see Banijay ‘enlarge its gaming umbrella’, combining Betclic (leader in France) and Tipico (leader in Germany) as its new asset to establish a +€3bn revenue unit with an adjusted EBITDA of €850m (combined pro-forma results for FY2024). 

Announcing the merger to the Amsterdam Euronext, Banijay CEO François Riahi described the deal as a “transformative step” that cements Banijay’s position as the “natural consolidator across the entertainment and gaming industries”.

 “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 operate three core brands — Betclic, Tipico and Admiral Austria, serving 6.5 million active customers across six regulated markets: Germany, France, Portugal, Austria, Poland and Côte d’Ivoire.

As cited by the dealmakers: “The combined group will unite strong local champions across key markets. Betclic is a leading operator in France, Portugal, Poland and Côte d’Ivoire, generating €1.4bn in revenues in 20246 through its strong digital expertise.

Tipico is Germany’s leading omnichannel sports betting and online gaming operator, with €1.3bn in 2024 revenues. In September 2025, Tipico further expanded its footprint with the acquisition of Admiral in Austria, a long-established omnichannel sports betting and retail gaming brand in Austria, which delivered €346m in revenues in 2024.”

Banijay seeks to grow its controlling stake in Tipico to 72% via the purchase of further equity from CVC Capital. The founders of both Betclic and Tipico will roll over their equity and remain long-term shareholders in Banijay Gaming.

Tipico CEO Axel Hefer added: “Joining forces with Betclic represents the deal we’ve been working towards — refocusing on Europe, expanding in Austria and now building a broader European platform. The partnership gives us the scale and resources to accelerate innovation and set new standards for our customers.”

The transaction is backed by a €3bn financing package to refinance Tipico’s existing debt, bringing Banijay’s group leverage to 3.5x, with a target to fall below 2.5x within three years.

Banijay stated that the merger will deliver €100m in annual synergies through product innovation, platform efficiencies and shared procurement.

Under the new governance model, Betclic founder Nicolas Béraud will become Chairman of Banijay Gaming from January 2026, with Lov Group Invest continuing as President. 

Julien Brun steps up to become CEO of Betclic, while Axel Hefer remains CEO of Tipico and Joachim Baca joins as Vice-Chairman of the Banijay Gaming board.

The board and leadership team of Banijay Gaming has pledged that “business will operate exclusively in locally regulated markets and maintain the highest standards of player protection, integrity and responsible gaming.”

The new leadership team of Banijay Gaming views options on a planned public listing or partial spin-off of the enlarged gaming unit within a period of two-to-three years.  

Nicolas Béraud, Founder of Betclic and inbound Chairman of Banijay Gaming, concluded: “This is a landmark moment for Betclic and for Banijay Gaming. Together with Tipico and Admiral, we are building a new European leader that combines scale with innovation and a strong commitment to sustainable, regulated entertainment.

“Betclic and Tipico share the same values — passion for sport, innovation and focus on markets where we can win. United under Banijay, we will deliver unmatched experiences for players while creating lasting value for our teams and partners across Europe.”

Banijay confirmed that it will publish a prospectus detailing its long-term strategy to develop a new “European Champion in gaming with strong localised roots”. Meanwhile Industry analysts are expected to scrutinise the merger’s growth trajectory closely, given the highly taxed home markets of Germany and France, where effective gross gaming income rates now exceed 50% as of 2025.

The deal remains subject to customary conditions precedent, including merger control and gambling regulatory approvals of the European Commission (DG COMP), Germany’s Bundeskartellamt (FCO), Austria’s Bundeswettbewerbsbehörde (BWB) and France’s Autorité de la Concurrence, given the combined group’s significant market presence across regulated EU markets.