Banijay Entertainment announced its FY25 earnings today, revealing a 10.2% increase in revenue for its gaming segment, which reached €1.6 billion ($1.8 billion). The sportsbook sector contributed the majority of this revenue, accounting for 76% and seeing a 6.8% growth during the past year. CEO François Riahi expressed optimism despite the absence of major sporting events in 2025 compared to 2024.
During the earnings call on Friday, Riahi highlighted that the gaming division's current focus is on preparing for the FIFA World Cup scheduled for June, which takes precedence over the integration of Tipico. Banijay acquired a 65% stake in Tipico in October and plans to merge it with its Betclic business. This consolidation is expected to position Banijay as the fourth largest player in European sports betting and a leader in continental sports betting.
Riahi emphasized the significance of the World Cup, stating, "Every two years for this business we have a big [sporting event] and the World Cup is even bigger than the Euros. That’s a very strong moment for engagement and increasing our revenue so there’s no reason 2026 should be different. We are so happy to have Tipico as a boost, but we announced previously that we would not start the integration before the World Cup." He also noted that Tipico is currently dedicated to enhancing its application’s features in anticipation of the event.
The gaming division represented 33% of Banijay's overall revenues, while streaming services continued to account for the majority of earnings in 2025. The number of unique active players in the gaming sector grew by 23%, with Banijay reporting an increase in cross-sell opportunities between iGaming and betting. iGaming made up 16% of total gaming revenue, generating €249 million. In 2025, Banijay successfully launched iGaming in the Ivory Coast.
Additionally, the company introduced its proprietary online poker platform in France, which accounted for 7% of the gaming business.
Regarding future plans for the Tipico Betclic business, Riahi remained reserved but mentioned that a public session is scheduled for March 26 to reveal the strategy.
He acknowledged challenges posed by rising taxes in France, citing a total tax expense of €142.5 million across both entertainment and gaming sectors, an increase of 29% from the previous year. Nonetheless, Riahi stated that effective cost management had led to an improvement in the gaming arm's adjusted EBITDA margin, rising by 0.6 percentage points to 26.7%.
For the year, marketing expenditures ranged from 6% to 8% of total gaming revenues, partly influenced by an uptick in advertising taxes in France.
Following its acquisition of Tipico, Banijay’s streaming division also ventured into mergers and acquisitions, announcing earlier this week the purchase of All3Media. The company indicated that this acquisition would enhance its presence among global streaming platforms and expedite monetization of intellectual property through both digital and live adaptations.
