Under the agreement, Banijay Group will purchase the majority stake held by investment firm CVC in Tipico in cash, while the founders of both Tipico and Betclic will roll over their shares into the new entity, becoming long-term shareholders alongside Banijay Group.
The combined group will operate under the Banijay Gaming umbrella, uniting three brands: Betclic, Tipico, and Admiral Austria, which Tipico acquired last month.
Transaction details
The deal values Betclic and Tipico at €4.8bn and €4.6bn, respectively.
Banijay Group will hold a controlling stake of 65% at closing, with the potential to increase to 72% through agreed call options.
The company will finance the transaction with a €3bn package, including refinancing Tipico’s existing debt.
It expects to complete the acquisition by mid-2026, subject to customary merger control and gambling regulatory approvals.
Synergies and market positioning
Betclic and Malta-headquartered Tipico are described as complementary “local champions,” with leading positions in six regulated markets: Germany, Austria, France, Portugal, Poland, and Côte d’Ivoire.
Betclic brings recognised digital expertise, while Tipico contributes a robust omnichannel presence, including physical betting shops and online offerings.
Together, the companies serve nearly 6.5 million active players annually, operate over 1,250 betting shops across Germany and Austria, and employ around 5,300 people.
On a pro-forma basis, the combination of Betclic and Tipico is expected to double Banijay Gaming’s revenue and cash flow, bringing 2024 pro-forma revenues to €6.4bn and adjusted EBITDA to €1.4bn.
Banijay Group expects post-transaction leverage of 3.5x, with a target reduction below 2.5x within three years.
The company also expects the transaction to generate approximately €100m in annual synergies in the medium term, driven by revenue growth, platform efficiencies, IT optimisation, and shared procurement.
Leadership reshuffle
As of 1 January, Betclic founder Nicolas Béraud will become chairman of Banijay Gaming, while current Betclic COO Julien Brun will succeed Béraud as Betclic CEO.
Former Tipico CEO Joachim Baca will join as vice-chairman, and Axel Hefer will remain CEO of Tipico.
Banijay Group CEO François Riahi called it a “transformative deal,” highlighting the strategic fit of Tipico within Banijay’s portfolio.
“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, providing us – in the sports betting business – with the reach, the scale and the diversification that already make the strength of our content business.”
Tipico CEO Axel Hefer described the partnership as a “pivotal milestone” in the company’s growth journey, enabling accelerated product innovation, expansion of technology capabilities, and enhanced customer experiences across Europe.
“It is the deal we have been working towards – from refocusing on Europe after the sale of our US business, to last year’s expansion in Austria, and now building a broader European platform.
“This partnership provides the scale and resources to accelerate product innovation, make bold investments in technology and set new standards for our customers,” Hefer added.
Strategic impact
As part of the deal, Betclic will divest its 53.9% stake in Bet-at-home.com.
The new entity is poised to become the fourth-largest sports betting and gaming operator in Europe and a leader in Continental Europe’s sports betting market.
On a pro forma basis, Banijay Gaming will represent 47% of total group revenue in 2024, up from 30%, and 62% of adjusted EBITDA, up from 42%.
The merged entity will operate exclusively in regulated markets, emphasising player protection, integrity, and responsible gaming.
Analyst view
Paul Leyland at Regulus Partners said Tipico and Betclic are “highly complementary in that they are both Local Hero specialists.”
“Nevertheless, both businesses have been very much ploughing their own furrows in their own respective markets – both teams are likely to spot areas of brilliance and areas of myopia in the other which can be better leveraged.
“We believe that the revenue synergies will outstrip cost synergies in the medium term in this case, which is more often promised than delivered in the gambling sector.”
“Perhaps most importantly, Tipico and Betclic have both proved that operational excellence can add value in the most challenging of environments, while most free-market competitors have struggled to adapt to such high levels of regulation.”
Leyland highlighted three long-term strategic drivers: replicating Local Hero status in other markets, potentially via M&A,, achieving tax and regulatory liberalisation in key markets, and combatting the black market, the “real hidden threat to both operational and strategic success.”
Dingnews.com 29/10/2025