Banijay Group CEO François Riahi has dismissed claims that the company plans to shift its focus entirely to gaming, despite strong growth in that division boosting revenue during the first nine months of 2025.
Speaking during the company’s Q3 earnings call on Thursday, Riahi assured analysts that Banijay remains fully committed to its content business, emphasizing that there are still significant opportunities for expansion within the sector.
“We are very pleased with our progress in sports betting and gaming,” Riahi said. “The Tipico acquisition was a major milestone for us, and we continue to pursue growth in the gaming segment. However, we also see strong potential on the content side, so we have no plans to sell that division.”
Banijay’s entertainment content arm operates separately from its gaming ventures, focusing on global media production, including television and film. The division also includes Banijay Media Germany, a creative marketing agency, and Banijay Branded Entertainment, which specializes in branded content.
In October, the company announced it would acquire a majority stake in German operator Tipico, including its Admiral business, previously purchased from Novomatic in January. Under the agreement, Banijay will take a 65% stake in Tipico, with the transaction expected to close in mid-2026.
Following the acquisition, Tipico will merge with Banijay’s existing Betclic brand. Betclic has been part of Banijay since 2022, when the two companies combined to form the publicly listed entity FL Entertainment. In May 2024, the company rebranded as Banijay Group, with Banijay Gaming now overseeing its online sports betting and gaming operations.
9M revenue hits €3.22 million at Banijay
Turning to Banijay’s financial results for the nine months ending 30 September, the company reported solid growth across its divisions. Total revenue for the period reached €3.22 billion, marking a 3.2% increase compared to the previous year.
Banijay Entertainment and Banijay Live — both focused on content creation and production — contributed the largest share of revenue, generating €2.09 billion, up 0.4% year-on-year. However, the strongest growth came from the gaming division.
Banijay Gaming’s revenue climbed 8.7% to €1.13 billion, driven by strong performance across all areas of the business. The number of unique active players also rose sharply, up 23% from the previous year.
Sports betting remained the top earner within the gaming segment, generating €857 million in revenue, a 5.3% increase year-on-year. This growth came despite facing a challenging comparison period in 2024, which included the final stages of Euro 2024 and less favorable sports results in September.
Online casino operations achieved impressive double-digit growth of 16.4%, with revenue reaching €179.1 million. Banijay attributed this to strong momentum in Portugal, its successful market entry in Ivory Coast, and effective cross-selling from the sportsbook, supported by an enhanced content portfolio.
Poker delivered the most significant growth among all gaming categories, with revenue soaring 32.7% to €76.2 million. Meanwhile, turf betting activities also performed well, contributing €17.8 million — a 17.8% increase year-on-year.
Adjusted net profit rises to €271.2 million
Regarding group expenses, Banijay reported that external and personnel costs rose by 2.2% over the nine-month period. However, strong revenue growth offset this increase, resulting in a 9.3% rise in adjusted EBITDA to €597.1 million.
Operating profit surged by 38.6% to €381.1 million, while pre-tax profit climbed 76.4% to €189 million, even with higher finance-related expenses. After paying €60.1 million in income tax, the company posted a net profit of €128.9 million — a sharp 132.2% increase from the previous year.
Banijay also factored in several one-off items, including €17.4 million in restructuring and other non-recurring costs, €87.8 million in long-term incentive plan and employment-related earn-out and option expenses, and €37.0 million in other charges. After adjustments, the company’s net income totaled €271.2 million, representing a 9.3% year-on-year increase.
“Banijay delivered solid growth and strong performance during the first nine months of 2025 across all areas of the business, demonstrating the strength of our diversified model,” Riahi said of the results.
