- Media
Banijay’s majority stake in Tipico will create European betting giant
Banijay will buy CVC’s stake in Tipico for cash, taking a 65% controlling interest in the new entity, Banijay Gaming. The group said it aims to increase its holding to at least 72% through call options agreed with CVC and Tipico’s management.
The transaction values Betclic and Tipico at €4.8 billion and €4.6 billion respectively. Tipico’s founders will roll over their full stakes, while CVC will retain a minority interest in the combined company.
The deal will bring Banijay’s pro forma 2024 revenue to €6.4 billion and adjusted EBITDA to €1.4 billion. The group expects annual synergies of about €100 million in the medium term, driven by topline growth and efficiency gains.
Leading in six regulated markets
Banijay said its gaming division’s revenue will double following the merger, with Betclic, Tipico and recently acquired Admiral Austria generating €3 billion in revenue and €854 million in adjusted EBITDA in 2024. The three brands together serve 6.5 million active players annually and operate over 1,250 betting shops in Germany and Austria.
Betclic and Tipico hold leading positions in six regulated markets – Germany, France, Portugal, Austria, Poland and Côte d’Ivoire – and will form Europe’s fourth-largest online gaming operator by revenue.
The acquisition will be financed by a €3 billion funding package, including the refinancing of Tipico’s existing debt. Banijay expects leverage of 3.5 times post-closing, declining to below 2.5 times within three years, supported by strong cash flow.
What this means for CVC
For CVC, the partial exit represents a strong return on its nine-year investment, having acquired Tipico in 2016 at a valuation of about €1.4 billion. The sale allows the private equity firm to crystallize gains after nearly a decade of growth under its ownership, during which Tipico expanded its retail network, strengthened its technology platforms, and consolidated its leadership in the DACH region.
Retaining a minority stake ensures CVC remains exposed to future upside as Banijay Gaming scales its European footprint, while also freeing up capital as private equity funds seek liquidity amid a tighter deal environment.
Courbit and Hefer comment
Banijay founder Stéphane Courbit said the deal marks a major step in the company’s expansion into gaming. “The addition of Tipico reinforces our position as a driving force in the European sports betting landscape,” he said.
Tipico CEO Axel Hefer said the merger “provides the scale and resources to accelerate product innovation and make bold investments in technology.”
The transaction is expected to close by mid-2026, subject to merger control and gaming regulatory approvals.
Founded in 2004, Tipico is Germany’s largest sports betting operator and recently acquired Admiral, a leading Austrian gaming brand. Banijay, best known for producing TV formats such as Big Brother and Survivor, has been expanding its footprint in online gaming through its Banijay Gaming arm, which includes Betclic.
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