Banijay’s iGaming division contributes €1.59bn as group closes in on €5bn revenue

Banijay Group has reported strong growth across its online betting and gaming division in 2025, with revenue rising 10.2% year-on-year to €1.59bn (£1.38bn) in what was a busy year of growth and acquisition for the French firm.

The division’s performance came despite the absence of a major global sporting tournament in the calendar and the introduction of higher betting taxes in its home nation, France, in July 2025. Adjusted EBITDA for the segment rose 12.6% year-on-year, from €379.8m to €425.2m, with margins improving to 26.7%.

The business as a whole reported total group revenue of €4.88bn in 2025, up 3.4% year-on-year from €4.8bn, with adjusted EBITDA increasing 8.6% from €900.2m to €961.1m as the company continued to expand across media, live entertainment and online gaming.

“Banijay Group delivered a strong performance in 2025, with revenue approaching €4.9bn and adjusted EBITDA up 8.6%, driving further margin expansion and strong cash generation,” said François Riahi, Chief Executive Officer of Banijay Group. 

“In a year marked by a challenging production backdrop and a softer sports calendar, our diversified model once again demonstrated its growth potential. We continued to deliver major series to global streaming platforms and reinforced our leadership in IP. 

“Live experiences achieved double-digit growth, powered by the international roll-out of Luminiscence and by Balich Wonder Studio’s organization of major ceremonies that marked the year.”

Banijay’s variety of growth

Sportsbook remained the group’s largest revenue contributor within the gaming division. Online sportsbook revenue increased 6.8% to €1.21bn, driven by strong engagement across major competitions – including the UEFA Champions League, won by Parisian neighbours PSG, and domestic football leagues.

Player activity remained strong despite some adverse sporting results during the year. The company also attributed sportsbook growth to continued product development, including the release of the ninth version of its betting application. 

The update introduced new betting features, expanded markets and improved personalisation tools designed to enhance the user experience. By the end of 2025, the firm said its sportsbook application had become the most downloaded sports betting app across all of its markets.

The number of unique active players across Banijay’s betting and gaming platforms increased by 23% during the year, with growth supported by improvements to product functionality and by cross-selling across multiple verticals within its platform. Cross-selling between sportsbook, casino and poker products accounted for around 35% of activity across the customer base.

Casino continued to be a major growth driver for the group and has been a hot topic of conversation in France in the current climate, with rumours of online casino being regulated to boost national revenue. 

Banijay’s online casino revenue rose 17.4% year-on-year to €249.3m, due to a strong performance in Portugal as well as the launch of its casino offering in Côte d’Ivoire earlier in 2025.

During the year, the casino platform expanded its game portfolio with 280 new titles, around 20% of which were proprietary or exclusive releases. The company also upgraded its casino application with a redesigned gameplay interface, an enhanced recommendation engine and additional management tools intended to improve player retention and monetisation.

Online poker also delivered significant growth in 2025. Revenue from the vertical rose 36.5% from €77.6m to €105.8m following the launch of a new proprietary poker platform at the end of 2024.

Banijay said the updated platform improved the overall user experience and helped drive engagement, with the number of poker users increasing 1.5x after the introduction of progressive knockout (PKO) tournaments.

M&A activity

Aside from financial growth metrics, 2025 also marked a major strategic development for the group’s betting and gaming business. Banijay announced the acquisition of a majority stake in Tipico Sportwetten, which it is set to merge with its Betclic brand in a deal expected to close in a few months time. 

The acquisition is expected to significantly expand the group’s presence across European regulated markets and strengthen its position in the sports betting sector. Under the agreement, the combined operations of Banijay’s gaming brands are expected to create one of Europe’s largest betting operators.

Banijay said the transaction would broaden its geographical footprint and reinforce its position in multiple key markets, including Germany, France, Portugal, Austria, Poland and Côte d’Ivoire.

The business also just this week completed an agreement with RedBird IMI to merge Banijay Entertainment and All3Media in a 50:50 joint venture. 

The move is set to create one of the world’s largest independent content producers and shows a statement of intent for Banijay early in 2026, building on its now-visible 2025 momentum. 

Confidence has been echoed by investors, with the Euronext Amsterdam-listed company seeing its share price rise by over 2% to €8.35 over the past 12 months, halting a gradual slide which has been occurring ever since the firm’s IPO in late 2021. Banijay’s market cap now stands at over €3.5bn.

Riahi continued: “Online sports betting and gaming sustained strong momentum, with revenue up 10% despite a record year in 2024, and a further 23% increase in Unique Active Players. 

“Adjusted EBITDA for this business once again recorded double-digit growth despite the absence of major sports competition and the increase in taxes in France in July 2025. 

“The acquisition of Tipico in 2025 represented a transformative milestone for the Group. It broadens our geographical diversity and positions Banijay Group as a leader in the sector. 

“In parallel, the combination of Banijay Entertainment and All3Media, announced on March 3rd, will increase penetration with global streaming platforms, while accelerating IP monetization through digital and live adaptations, further positioning Banijay Group as a consolidator of the global industry, as announced at our Capital Markets Day. 

“With improved profitability, disciplined deleveraging and a strengthened industrial capabilities across all our businesses, we are entering 2026 with confidence. In light of these developments, we look forward to presenting our updated strategy and mid-term financial guidance at our Strategic Update on 26 March.”