Banijay prioritises World Cup amid Tipico merger plans
Table of contents
- Banijay Entertainment reports 10.2% gaming revenue growth to €1.59bn in FY25.
- Company focuses on World Cup preparations as Tipico deal progresses towards H1 2026 close.
- Strategic session on 26 March will outline the integration roadmap.
Banijay Entertainment is focusing on World Cup revenue opportunities as it prepares for the mid-2026 completion of its Tipico acquisition, with CEO François Riahi emphasising the June tournament’s importance during the company’s FY25 earnings presentation.
The company released full-year results on Friday showing gaming segment revenue grew 10.2% to €1.59bn, with sportsbook accounting for the majority of performance despite 2025 lacking major sporting events compared to 2024.
Banijay acquired a 65% stake in Tipico Group from private equity firm CVC Capital Partners in October 2025, with plans to merge it with Betclic and create the fourth-largest European sports betting and gaming player.
World Cup presents major revenue opportunity
Riahi told analysts during Friday’s earnings call that the gaming division is prioritising World Cup preparations. According to iGaming Business, the CEO reportedly said:
“Every two years for this business we have a big sporting event and the World Cup is even bigger than the Euros. That’s a very strong moment for engagement and increasing our revenue so there’s no reason 2026 should be different.”
The company will hold a strategic session on 26 March to outline the roadmap for the combined Betclic-Tipico business, now operating under the Banijay Gaming umbrella. Official earnings materials confirm the transaction remains on track for completion in H1 2026, pending regulatory approvals.
Strong gaming performance despite tax headwinds
Sportsbook revenue reached €1.21bn, up 6.8% year-on-year, representing 76% of total gaming revenue. The gaming division accounted for 33% of Banijay Group’s total revenues, with streaming services continuing to dominate the broader business.
Unique active players across the gaming segment grew 23% during the period. Cross-sell between iGaming and sports betting increased to approximately 35%, with iGaming accounting for 16% of total gaming revenue at €249m.
In 2025, Banijay launched iGaming in the Ivory Coast and introduced its proprietary online poker platform in France. Poker represented 7% of gaming revenue during the period.
Total tax expense across both entertainment and gaming businesses reached €142.5m, up 29% year-on-year, driven primarily by increased taxation in France.
Despite the tax burden, disciplined cost management helped lift the gaming arm’s adjusted EBITDA margin by 0.6 percentage points to 26.7%. Marketing spend for the year was 6-8% of total gaming revenue.
Merger creates continental Europe leader
The Tipico acquisition, which valued the German operator at €4.6bn on an enterprise value basis, will merge Germany and Austria’s leading omnichannel sports betting operator with Betclic’s digital presence in France, Portugal, Poland and Côte d’Ivoire.
On a pro forma basis, the combined Banijay Group would have generated revenues of €6.4bn and adjusted EBITDA of €1.4bn in 2024.
The transaction was backed by a €3.14bn financing package completed in January 2026, comprising senior secured notes, term loan facilities and hedging instruments. Banijay holds 65% ownership at closing, with plans to reach a minimum of 72% through call options on shares held by CVC and Tipico management.
The combined Betclic-Tipico entity will serve almost 6.5 million unique active players annually and operate more than 1,250 betting shops across Germany and Austria.
On the entertainment side, Banijay announced the acquisition of All3Media in early March 2026. The company said the deal would increase penetration with global streaming platforms and accelerate IP monetisation.
With major sporting events on the horizon and transformational acquisitions in progress, Banijay is positioning itself as a consolidator across both gaming and entertainment. The 26 March strategic session is expected to provide further clarity on integration plans and medium-term financial guidance.
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