Banijay completes Tipico buy, reshapes Continental Europe betting
- Banijay Group completed its acquisition of Tipico Group on 23 April 2026, uniting the Betclic, Tipico and Admiral brands under a single gaming division.
- Banijay Gaming is now the fourth largest European sports betting and gaming operator by revenue and the continental leader in sports betting.
- The combined entity is targeting around €100 million in synergies over the medium term, with pro forma 2025 revenue of €3.1 billion.
Banijay Group has completed its acquisition of Tipico Group, formally establishing Banijay Gaming as a pan-European sports betting powerhouse.
The deal, initially announced last year on 27 October 2025, closed this week on 23 April 2026 and brings together the Betclic, Tipico and Admiral brands under consolidated ownership for the first time, reshaping the competitive landscape across continental Europe.
A new continental force
The combined group holds leading positions across six key regulated markets: Germany, France, Portugal, Austria, Poland and Côte d’Ivoire.
Banijay Gaming is now the fourth largest European sports betting and gaming operator by revenue and the leader in sports betting across continental Europe, placing it in direct competition with the region’s largest listed operators.
The transaction brings together two operators with a shared sports fan-centric focus. Betclic contributes a digital-native platform, CRM expertise and a proprietary poker offering.
Tipico adds proven capability in automated trading and omnichannel execution, including a well-established retail network in Germany and Austria. The combination is designed to strengthen the group’s product offering across all distribution channels and improve the customer experience across both digital and physical touchpoints.
The deal was originally struck when Banijay agreed to acquire a majority stake in Tipico from private equity firm CVC Capital Partners, which had held its investment since 2016. The transaction was structured with a financing package of approximately €3 billion, covering both the acquisition cost and the refinancing of Tipico Group’s existing debt.
Nicolas Béraud, Founder of Betclic and Chairman of Banijay Gaming, said:
“With this combination, Banijay Gaming becomes a truly scaled European platform, with enhanced diversification and increased exposure to large, fully regulated markets.
“By bringing together our shared DNA and technologies, trading expertise and customer platforms, we will accelerate product innovation, enhance our omnichannel offering and deliver a more seamless and engaging experience to our players.
“Our priority now is to unlock the full potential of this combination to drive growth across all our markets.”
Financial targets and synergies
On a pro forma 2025 basis, Banijay Gaming is targeting €3.1 billion in revenue, €0.9 billion in adjusted EBITDA and €0.7 billion in adjusted free cash flow, effectively doubling each metric compared to its pre-acquisition standing.
Identified synergies total around €100 million, comprising approximately €70 million in operational efficiencies and around €30 million in capital expenditure savings.
Management has indicated these will be implemented progressively, with a phased rollout beginning from Q1 2027 following the 2026 FIFA World Cup, a major revenue event for both operators across their core markets.
At closing, Banijay Group holds 65% of Banijay Gaming’s capital alongside the Tipico and Betclic founders and CVC. The group has agreed call options on shares held by CVC and Tipico management that will allow it to increase its stake to a minimum of 72% over the coming years.
The founders of both Betclic and Tipico have rolled their shares fully into the combined entity, signalling long-term commitment to the new structure.
The broader Banijay Group picture is also evolving. The pending combination of Banijay Entertainment with All3Media, expected to close in H2 2026 subject to regulatory and shareholder approvals, would lift pro forma group revenue to €7.4 billion.
The wider business is targeting €10 billion in revenue by 2029, with gaming forecast to grow at around 10% annually.
New leadership in place
Under the governance structure established at closing, Nicolas Béraud serves as Chairman of the Banijay Gaming board, with Lov Group Invest retaining the presidency.
Joachim Baca, former Chairman and CEO of Tipico, joins as Vice-Chairman. Julien Brun, previously COO of Betclic, steps up as CEO of Betclic. Mate Bacic, who previously led Tipico Austria and Admiral Austria and most recently served as Tipico COO, becomes CEO of Tipico.
The new leadership team reflects a deliberate effort to retain operational expertise from both sides of the transaction, with each brand continuing to operate under its own management structure.
With the integration phase now under way, the group faces the challenge of delivering on its synergy targets without disrupting two already strong-performing platforms in regulated markets.
Banijay Gaming’s performance through the 2026 World Cup cycle will be closely watched as an early test of the strategic logic behind one of Europe’s most significant recent betting mergers.
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