Banijay Gaming has agreed to acquire the casino network of Groupe JOA, in a move that will expand its position in its home-market of France.
The transaction, agreed through a put option with funds managed by Blackstone and Kings Park Capital, will see Banijay Gaming add JOA’s network of 33 casinos to its portfolio.
Deal proceedings remain subject to consultation between JOA’s employee representatives, merger control clearance and French gaming regulatory approvals, with completion expected in the second half of 2026.
The transaction further underlines Banijay’s online gambling ambitions, following the creation of Banijay Gaming – a standalone gambling division bringing together Betclic, Tipico and now JOA under a single European platform.
Established following the completion of the Tipico acquisition in April, Banijay Gaming was launched as a new European gambling heavyweight, generating more than €7.5bn in annual revenues, adjusted EBITDA of approximately €1.6bn and annual cash flows exceeding €1bn.
JOA strengthens Banijay’s home market status, adding France’s second-largest casino operator to its portfolio. It operates 33 casinos across France, generating approximately €430m in gross gaming revenues during 2025 while welcoming more than 4.6 million visitors annually.
Banijay said the acquisition marks “another important step” in its strategy to build a diversified European gaming leader, with the combination of Betclic’s digital expertise and JOA’s nationwide retail estate expected to enhance its omnichannel capabilities and meet changing consumer expectations.
Nicolas Béraud, Chairman of Banijay Gaming, said: “Customers increasingly expect seamless experiences across digital and physical environments, and this transaction positions us perfectly to respond to that evolution.
“We look forward to supporting JOA’s next phase of development by bringing our expertise in technology, artificial intelligence and data, while preserving the entrepreneurial culture and operational excellence that have made the company successful.”
French tax pressure
The acquisition also comes as France’s gambling sector enters a period of significant transition.
On 1 July 2025, France implemented one of its largest gambling tax reforms in recent years through the Social Security Financing Act, increasing duties across both online and land-based gambling to raise revenues for the country’s social security system.
For online sports betting operators, the effective fiscal burden increased from 54.9% to 59.3%, while France’s casino sector also absorbed higher fiscal charges, with the combined burden of state duties and municipal levies now estimated at between 57% and 60% of gross gaming revenue for many physical establishments.
Against that backdrop, Banijay’s decision to expand its retail presence signals confidence in the long-term fundamentals of the French market despite a more demanding fiscal environment.
Banijay Group CEO François Riahi said the acquisition builds on the company’s transformation following the Tipico deal: “The acquisition of Tipico has transformed us into a diversified omnichannel European leader in gaming, and the acquisition of JOA is fully relevant with this evolution. As in Germany and Austria, we will become a leader in land-based gaming in another of our core countries: France.”
The acquisition also coincides with a period of regulatory change in French gambling under new ANJ President Pascal Chèvremont. France’s prohibition on online casino gaming is expected to be reviewed, though it remains unclear whether this will lead to the launch of a regulated market sought by licensed operators.
Deal keeps JOA leadership
Banijay confirmed that JOA’s governance and leadership structure will remain unchanged following completion of the transaction.
Laurent Lassiaz will continue as Chairman of JOA, alongside the existing management team, ensuring continuity for employees, customers and local stakeholders while leading the casino operator’s next phase of growth.
Lassiaz said Banijay represented a natural long-term partner following JOA’s period of ownership under Blackstone and Kings Park Capital.
He said: “Joining Banijay Gaming marks an exciting new chapter for JOA. After a successful period with Blackstone and Kings Park Capital, which laid the foundations for our growth, we have found another long-term partner with whom we share a common vision for the future.”
