Banijay Sells Bet-at-home to Forge New European Gaming Powerhouse

PARIS, FRANCE – January 02, 2026 – Global entertainment leader Banijay Group has officially completed the sale of its entire 53.9% majority stake in the online betting firm bet-at-home.com AG. The move, finalized today following an announcement on October 28, 2025, represents a decisive strategic pivot for the content and gaming conglomerate.

In an immediate consequence of the divestment, Banijay Group CEO François Riahi and Betclic CFO Véronique Giraudon have resigned from their positions on the Supervisory Board of bet-at-home AG. The sale leaves the German-listed betting company without a majority shareholder and marks the culmination of a major portfolio reshuffle by its former parent company.

A Strategic Pivot for an Entertainment Giant

Banijay's divestment from bet-at-home is not a retreat from the lucrative online gaming sector but rather a calculated step in a far grander ambition. The sale was a direct condition linked to Banijay's concurrent blockbuster deal: the acquisition of a 65% majority stake in Tipico Group, one of Germany's leading sports betting operators, from CVC Capital Partners. That transaction, valued at €3 billion, is designed to create a new European betting juggernaut.

The strategy involves merging Banijay's existing Betclic operations—a strong player in France and Southern Europe—with the newly acquired Tipico. This will form a consolidated and formidable Banijay Gaming unit, which is expected to launch in the second half of 2026, pending regulatory approvals in key markets like France and Germany.

In a statement from October 2025 regarding the Tipico deal, Banijay CEO François Riahi described the acquisition as aligning with the company's "DNA" as a "natural consolidator" aiming to expand and create value. He emphasized that Tipico's leadership, regulated status, and high profitability would provide the sports betting business with the reach and scale that already characterize Banijay's globally recognized content production arm.

Industry analysts have for years viewed bet-at-home as a "non-core, low-growth asset" within Banijay's sprawling portfolio, a sentiment that grew following the 2022 public listing of Banijay's former parent, FL Entertainment. Shedding the asset allows Banijay to sharpen its focus and deploy capital more effectively toward integrating Betclic and Tipico, leveraging the combined entity's strengths with Banijay's extensive media and entertainment assets.

Bet-at-home Navigates an Uncertain Future

For bet-at-home.com AG, the departure of its majority shareholder ushers in an era of independence fraught with both challenges and opportunities. The company has been grappling with significant operational and financial headwinds, reporting consecutive operating losses of €2.2 million in 2023 and €4.5 million in 2024. Its revenues have also been on a downward trend, with net betting and gaming revenues for the first nine months of 2025 falling to €27.3 million from €29.6 million in the prior year.

These struggles are largely attributed to a difficult regulatory environment, particularly the tightening of rules in its core German market and a forced, costly exit from Austria. In response, bet-at-home has undertaken significant restructuring, including outsourcing its Malta-licensed and German-licensed online offerings to external service providers like EveryMatrix to reduce operational complexity and internal costs.

With Banijay's 53.9% stake now distributed among "multiple purchasers," each holding less than 5% of the shares, bet-at-home is left without an anchor investor. While it retains a substantial user base of over five million registered customers, the company must now chart its own course in a fiercely competitive market. Its future strategy will likely involve seeking new partnerships or leveraging its newfound independence to become a more agile, focused operator to reclaim market share and return to profitability.

Market Reaction and Industry Crosscurrents

The market's reaction to the strategic realignment has been starkly divergent for the two companies. Banijay's stock (BNJ.AS) on the Euronext Amsterdam exchange has been viewed favorably, with analysts maintaining a consensus "Buy" rating and a 12-month price target of €12.38, suggesting significant upside. The move to consolidate its gaming assets into a more powerful entity has been interpreted as a positive, value-creating step.

Conversely, shares of bet-at-home.com AG on the Frankfurt Stock Exchange have tumbled, hitting new 52-week lows following the finalization of the sale. Investor sentiment remains deeply skeptical, with some analysts labeling the company a "Black Box" due to ongoing legal and regulatory uncertainties. This reflects concerns about its ability to compete effectively without the backing of a major strategic shareholder.

Banijay's maneuver is emblematic of wider consolidation trends sweeping across the digital entertainment and gaming industries. The entertainment sector saw a whirlwind of M&A activity in 2025, including major deals involving Netflix, Warner Bros., and Electronic Arts, as companies shifted from a "growth-at-all-costs" mindset to a focus on profitability and strategic scale. Similarly, the online gaming industry continues to see a high pace of acquisitions, driven by the need to integrate technology, acquire valuable intellectual property, and expand content libraries to win the "subscription war."

This push for consolidation is further accelerated by Europe's complex and evolving regulatory landscape. With countries like Croatia, Lithuania, and Germany tightening rules on advertising and operations, scale and diversification have become critical for survival. The substantial rise of the illegal online gambling market, which captured an estimated 71% of Europe's online activity in 2024, is pressuring regulators to favor larger, well-regulated operators. In this environment, Banijay's decision to divest a smaller, struggling asset to build a larger, more diversified gaming powerhouse is a clear reflection of the strategic imperatives shaping the future of digital entertainment.