Banijay-Tipico: Winning bet

The European gaming industry laid down some serious coin in 2025. In July, Greek firm Intralot bought Bally’s international assets for $3.2 billion. Bigger was to follow three months later when Banijay acquired a 65% stake in Tipico, Germany and Austria’s leading sports betting operator, from private equity firm CVC. The private equity firm, which bought a majority stake in Tipico in 2016 for around $1.3 billion, remains a minority shareholder in Tipico, which post-merger will continue to operate autonomously and preserve its existing brand and platform. 

Since its creation in 2005 by Eric Moncada and Nicolas Béraud, Betclic has grown to become not only the main online betting business in France, but a leading player in Poland and Portugal too. To that, Banijay now adds Tipico’s dominant market share in German-speaking Europe. Acquiring Tipico doubles the revenue of Banijay’s gambling division to $3.8 billion. It now serves almost 6.5 million active bettors annually, has more than 1,250 betting shops (in Germany and Austria) and a staff of 5,300. The move puts Banijay in the upper echelons of Europe’s biggest gambling companies, alongside UK and Ireland giants Flutter entertainment (Paddy Power, Skybet) and Bet 365 group.  

Commenting on the deal, Béraud stated: “Through the proposed combination leveraging three strong brands, Betclic, Tipico and Admiral [an Austrian betting company previously acquired by Tipico], Banijay Gaming is building a new European leader – one that combines scale with innovation, and a deep commitment to sustainable, regulated entertainment. Betclic and Tipico share the same set of values: the passion for sport, the sense of innovation and the focus on the markets where they can win.” Tipico CEO Axel Hefer added: “Joining forces with Betclic represents a pivotal milestone in Tipico’s growth journey. 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.”

Paying out
The growth prospects for online sports betting in Germany are promising. The market is forecast to jump from around $8 billion in 2025 to $14 billion by decade’s end, driven by 5G mobile access, digital innovation and broader interest in a wider range of sports in the country, including the NFL.

In 2021, the Interstate Treaty on Gambling introduced a nationwide licensing framework for online betting in Germany

Across Europe, it’s boom-time for the betting industry. Europe’s online gambling market was worth $56.5 billion in 2024, up from $50.5 billion the year prior. According to Mordor Intelligence the industry is expected to reach $98 billion by 2030.

Banijay stressed the companies’ “complementary strengths and local expertise,” thanks to Betclic’s experience in app-based gaming and Tipico’s omnichannel presence, would “create a balanced geographic footprint across regulated and fast-growing markets and enable Banijay Gaming to deliver a seamlessly integrated, multi-channel offering… combining both retail and online strengths.”

Germany is a federation of 16 states and it was only in 2021, with the introduction of the Interstate Treaty on Gambling, that a nationwide licensing framework for online betting was established. This removed a lot of red tape for German betting companies and made the market’s main players more attractive to potential buyers.

But regulations can hinder as well as facilitate business, and in recent years, both Brussels and the governments of individual EU member states have had the industry in their crosshairs.

Vegas everywhere, all the time
The expression “what happens in Vegas, stays in Vegas” – with its connotations of leaving behind less salubrious activities once the plane home has been boarded – has given way to “the apps bring us Vegas.” And in the era of smartphones and hyperconnectivity, gambling has never been more accessible. 

This has many in Europe worried that the industry needs further regulatory guardrails to avoid more people becoming addicted to gambling, with the heavy social toll that this exacts. Of particular concern is the rise of in-game betting, including micro-betting (where odds are updated every second) on a myriad of outcomes such as the minute of next corner or free kick etc, which drives high engagement and bet frequency.

One way to do this is to loosen gambling’s association with professional sport, as F1 did by removing cigarette advertising on cars in the early 2000s and English Premier League football teams have done with shirt sponsorship by alcohol companies over the past decade. A self-imposed ban on front-of-shirt gambling sponsors is set to come into effect by next season in the Premier League. Of the 20 teams currently playing in the Premier League, eleven have the name of a betting company on the front of their shirts.

At present, problem gamblers can sign up to national registrars and self-exclude themselves from betting apps, with betting companies obliged to comply with their wish. Consumer protection associations want to go further and see betting companies be forced to introduce limits on the losses an individual bettor build up, much like a barman ‘cutting off’ someone that’s had too much to drink, something that would see them play a more active part in the wellbeing of their customers.  

How the industry navigates these issues while also satisfying shareholders’ demands for profits will be a major challenge in the years ahead.