Broadcast entertainment creator Banijay has announced the acquisition of Tipico Group, a specialist in sports betting in Germany and Austria, subject to regulatory approvals expected by mid-2026.

At the end of the transaction, Banijay Group will hold about 65 per cent of the combined Betclic and Tipico entity, valued at €9.4 billion. Although the deal appears accretive it also increases Banijay Gaming’s exposure to Germany, which is a market with heavy regulatory constraints and a lower growth profile compared with other major European countries.

In a report from analysts at Berenberg Bank, it says the Tipico’s has €1.61 billion in sales and is mainly exposed to sports betting, which represents around 86 per cent of its revenue versus only about 14 per cent from gaming. Around 38 per cent of its revenue comes from retail shops, which is a segment where Betclic has no exposure. Tipico is primarily focused on Germany, where it holds around a 50 per cent market share, with the remaining coming from Austria, where it holds about a 25 per cent market share.

Banijay is borrowing €3 billion to finance the transaction.

However, the bank says: “Germany [is] a less mature market with heavy regulatory constraints: Regulated only since 2021, online sports betting in Germany is less developed than in other major European countries. However, the current regulation prevents significant market expansion. Online players can deposit only up to €1,000/month on their accounts, and the range of available offers is less diverse than elsewhere. With online sports betting expected to grow by only ~2 percent in Germany between 2025-28, achieving double-digit revenue growth for Banijay Gaming, as announced during the 2025 capital markets day (CMD), could prove challenging.”

Berenberg maintains its ‘BUY’ advice and with a share price target of €13.50 (currently around €10.60).

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Tags: Banijay, bank, berenberg, germany