Betclic offsets tough home conditions as Banijay denies French VAT charges   

Banijay Group NV has maintained the ‘growth status’ of Betclic which is set to challenge VAT charges applied to sportsbook income generated in its home market of France. 

Publishing its year-to-date (YTD) accounts for 2025 (period ending 30 September), Betclic the flagship unit of Banijay Gaming achieved revenues of €1.13bn, up 8% on 2024 comparatives of €1bn.

Headline growth is maintained against Q3 2024’s ‘exceptional comparisons’, a period featuring the UEFA Euro Championships and the Paris 2024 Olympic Games, noted as an unprecedented wagering volume for Betcilc.

The sportsbook division of Betclic (France and Europe) remained the primary revenue driver, generating €857m, up 5.2% on 2024 results of €814m. Betclic notes that Sporstbook performance dragged due to adverse sports results witnessed in September.

Meanwhile online casino (non France) revenue increased 16.4% to €179m, driven by sustained momentum in Portugal and the successful launch in Côte d’Ivoire, with both regions aided by stronger cross-sell from sports betting.

Banijay Gaming delivered an operating profit of €250m, marking a 33% increase from €188m in 2024. The improvement was supported by lower staff and marketing costs and reduced long-term incentive plan (LTIP) expenses.

Adjusted EBITDA climbed 13% to €301m, with the margin expanding to 26% (from 25.5% in 2024). The division’s net income reached €183m, up 52%, despite the implementation of higher betting taxes in France that are accounted for as of H2 trading.

Banijay confirmed that these figures already incorporate the French betting-tax adjustments, which increased operator contributions on both stakes and gross gaming revenues. The group cited “solid operational fundamentals and cost discipline” as offsetting the additional tax burden.

Banijay Gaming continues to play a vital role in Banijay Group NV commercial make-up generating €1.13bn of the group’s total €3.22bn in year revenues. The division now contributes around 66% of group-wide operating profit, delivering €250m of the group’s €381m total.

Of significance, Banijay Gaming holds a margin of 26% which compares favourably to Banijay Entertainment & Live (14.5%), reflecting its role as the primary earnings engine of the group.

France VAT dispute

Betclic remains embroiled in a long-running dispute with the French tax authority (DGFiP) over the application of VAT to sports betting turnover, which it argues violates EU law. Leadership views that sportsbook transactions should be VAT-exempt under the EU’s common system of VAT and the principle of fiscal neutrality.

Betclic’s position, supported by industry association AFJEL, has been presented to the European Commission, which is considering infringement proceedings against France. Should domestic remedies fail, the issue is expected to be referred to the Court of Justice of the European Union (CJEU).

Banijay confirmed that the full amount of VAT exposure remains provisioned and that the matter does not impact liquidity or ongoing operations, as VAT payments have been recorded as recoverable receivables pending the legal outcome.

“We remain confident that our position on the VAT treatment of sports betting is consistent with both European law and the principles of fiscal fairness,” cited Banijay Group assessment “While these proceedings continue, all related liabilities are fully provisioned and our business operations, cash generation and growth plans remain completely unaffected.”

Tipico Merger and Outlook

In its Q3 statement, Banijay commented: “Despite short-term volatility in sports results and higher domestic taxes, Betclic continues to demonstrate strong momentum, product innovation, and player engagement.

“The platform’s diversification across sportsbook, casino, and poker positions it well for continued growth through 2026.”

The group reaffirmed its FY 2025 guidance of approximately 10% organic revenue growth, mid-to-high single-digit EBITDA growth, and an 80% free-cash-flow conversion rate.

On 28 October 2025, Banijay announced that it had signed a binding agreement with CVC Capital Partners and Tipico’s founders to merge Betclic and Tipico, forming what the group described as “a European champion in sports betting and online gaming.”

The deal, valued at approximately €3bn, will see Banijay acquire a majority stake in Tipico, combining Betclic’s leadership in France, Portugal and Poland with Tipico’s dominance in Germany and Austria. 

Together, the merged business will serve more than 6.5 million active players, operate 1,250 retail outlets, and employ 5,300 staff across Europe.

On a pro-forma 2024 basis, the combined Banijay Gaming division is expected to generate:€3bn in revenues, €854m in adjusted EBITDA, and €716m in adjusted free cash flow.

Completion is expected in the first half of 2026, pending regulatory approval, with Banijay retaining around 65% ownership of the combined entity. As part of the transaction, Betclic will divest its 53.9% stake in Bet-at-home.com AG to streamline its German regulatory exposure.

“With Tipico, we are uniting two of Europe’s most successful betting operators under a single, scalable platform,” said Marco Bassetti, CEO of Banijay Group.

“This combination creates a powerful, technology-driven business with deep local roots and international reach — a genuine European leader in sports betting and online gaming. For Banijay, it strengthens our position as an entertainment group with global scale, digital ambition and recurring profitability.”

Bassetti added that the deal marked “a defining moment in Banijay’s evolution — extending our reach from television and live events into one of Europe’s most dynamic digital consumer sectors.”