Banijay completes bet-at-home divestment ahead of Tipico merger

• French entertainment giant divests entire 53.9% stake in German betting operator bet-at-home.
• The sale follows the October announcement of the Tipico-Betclic merger, creating a €3 billion gaming division.
• Two senior executives resign from bet-at-home board as Banijay refocuses on regulated markets.

Banijay Group has completed the sale of its entire stake in bet-at-home.com AG, divesting 53.9% of the German and Austrian-facing betting operator.

The transaction, finalised on 2 January 2026, represents the final step in Banijay’s strategic repositioning ahead of its transformative Tipico acquisition.

The French entertainment powerhouse announced in October 2025 that it would sell its bet-at-home shareholding as part of a broader restructuring.

The move clears the path for Banijay to combine its Betclic brand with Tipico Group, creating what the company describes as a “new European champion” in sports betting and online gaming.

Leadership changes follow divestment

Following the sale, François Riahi, Chief Executive Officer of Banijay Group, and Véronique Giraudon, Chief Financial Officer of Betclic, resigned from their positions as members of the Supervisory Board of bet-at-home AG with immediate effect.

The departures mark a clean break as Banijay refocuses its gambling operations exclusively on regulated markets through the forthcoming Banijay Gaming division. The new entity will combine Betclic, Tipico and Admiral Austria under one umbrella, operating in Germany, Austria, France, Portugal, Poland and Côte d’Ivoire.

Tipico merger to create €6.4 billion entertainment powerhouse

Banijay announced the Tipico acquisition in October 2025, agreeing to purchase a majority stake from private equity firm CVC Capital Partners. The deal values Betclic at €4.8 billion and Tipico at €4.6 billion, creating a combined entity with projected revenue of €6.4 billion and adjusted EBITDA of €1.4 billion on a pro forma 2024 basis.

The merger will establish the fourth-largest European sports betting and gaming operator and the leader in continental Europe. The combined group will serve almost 6.5 million active players annually and operate more than 1,250 betting shops across Germany and Austria.

Riahi described the Tipico acquisition as transformative when the deal was announced.

“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,” he said.

“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.”

The transaction is backed by a €3 billion financing package, including refinancing of Tipico Group’s existing debt.

Banijay initially secured 65% ownership of Tipico at closing, with plans to increase its stake to a minimum of 72% through call options agreed with CVC Capital Partners and Tipico’s management.

Bet-at-home struggles with German regulation

Bet-at-home has faced regulatory challenges in Germany, reporting essentially flat revenue growth in the first half of 2025. The company generated net betting and gaming revenues of €27.3 million in the nine months to September 2025, down from €29.6 million the year before.

The German-facing operator has struggled to adapt to tightened regulations in its home market. Banijay’s decision to divest the stake reflects its strategic pivot toward operators with stronger market positions in fully regulated jurisdictions.

In contrast, Tipico is Germany’s leading omnichannel sports betting and online gaming operator, with €1.3 billion in 2024 revenues.

Betclic generated €1.4 billion in revenues in 2024 through its digital expertise in France, Portugal, Poland and Côte d’Ivoire. Together, the combined group will serve almost 6.5 million unique active players annually and operate over 1,250 betting shops throughout Germany and Austria.

New governance structure takes shape

Leadership changes at Banijay Gaming are scheduled to take effect on 1 January 2026. Nicolas Béraud, founder and CEO of Betclic, will become chairman of the Banijay Gaming Board. Julien Brun, currently Betclic’s Chief Operating Officer, will succeed Béraud as Betclic CEO.

Following completion of the Tipico acquisition, Joachim Baca, former CEO of Tipico, will become vice-chairman of the Banijay Gaming Board. Axel Hefer will remain as Tipico CEO. Lov Group Invest, run by Banijay founder Stéphane Courbit, will continue as President of Banijay Gaming.

The Tipico transaction is expected to close in mid-2026, subject to merger control and gambling regulatory approvals from the European Commission, Germany’s Bundeskartellamt, Austria’s Bundeswettbewerbsbehörde and France’s Autorité de la Concurrence.

Banijay targets European sports betting leadership

Banijay Group, best known as a television production and distribution company behind formats including MasterChef and Survivor, has been building its position in online gambling since acquiring Betclic through a SPAC merger in 2022. The company rebranded from FL Entertainment to Banijay Group in 2024.

The addition of Tipico will rebalance Banijay’s portfolio, creating a more even split between its entertainment and gaming activities. On a pro forma basis, Banijay Entertainment & Live will represent 53% of 2024 revenue, whilst Banijay Gaming will account for 47%. At adjusted EBITDA level, Banijay Gaming will contribute 62%, highlighting the enhanced scale of the gaming division.

The company projects the merger will deliver €100 million in annual synergies through product innovation, platform efficiencies and shared procurement. Industry analysts are scrutinising 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.

Banijay Group is listed on Euronext Amsterdam and recorded revenue of €4.8 billion and adjusted EBITDA of €900 million in 2024. The Tipico acquisition represents the largest deal in the company’s history, positioning it as the fourth-largest European sports betting and gaming operator once complete.