Banijay exits bet-at-home after selling 53.9% stake

Banijay has officially exited its investment in bet-at-home, finalising the sale of its 53.9 percent stake on 2 January and bringing its direct relationship with the German-facing operator to a close. The transaction confirms months of market speculation that first surfaced toward the end of 2024, when signs emerged that the group was preparing to streamline its betting portfolio.

The divestment aligns closely with Banijay’s broader strategic shift announced in October, when the company unveiled plans to combine Betclic and Tipico under a new structure in which Banijay would hold majority control. That transaction placed enterprise valuations of €4.8 billion on Betclic and €4.6 billion on Tipico, with the merged business expected to generate €6.4 billion in revenue and €1.4 billion in adjusted EBITDA based on 2024 performance.

As part of the exit from bet-at-home, Banijay chief executive François Riahi and chief financial officer Véronique Giraudon both resigned from the operator’s board, formally severing governance ties following the sale.

At Banijay’s Capital Markets Day, Riahi framed the move as consistent with the group’s long-term consolidation strategy across entertainment and gaming. He described Banijay as a business positioned to scale through targeted expansion and value creation, highlighting Tipico as a natural strategic fit due to its strong market leadership, fully regulated profile, product-driven focus and profitability.

Riahi also emphasised the importance of the partnership structure underpinning the Betclic–Tipico combination, noting that Tipico’s founders elected to roll their entire stake into Banijay Gaming. He characterised that decision as both a vote of confidence in Banijay’s long-term strategy and an example of the group’s approach to building businesses alongside established entrepreneurs.

The timing of the sale also follows operational and legal headwinds for bet-at-home, including the brand’s exit from Austria after an unfavourable ruling in a player claims case. While Banijay did not directly reference those challenges in announcing the disposal, the developments add context to the decision to step away.

With the bet-at-home chapter now closed, Banijay has sharpened its focus on the creation of a scaled European sports betting leader through the Betclic–Tipico platform, consolidating assets around markets and brands it views as central to its future growth strategy.