Banijay Gaming to reshape French gambling sector with Groupe JOA acquisition
Banijay will buy France’s second‑largest casino operator, obtaining a portfolio of over 30 venues.
France.- Banijay Gaming has struck an agreement to purchase Groupe JOA, the second-biggest casino operator in France, in a deal that will significantly strengthen the company’s land-based presence. The acquisition, arranged through a put option with funds managed by Blackstone and Kings Park Capital, will transfer JOA’s 33 land-based casinos to Banijay’s portfolio.
Completion of the transaction is expected in the second half of 2026, pending consultation with JOA’s employee representatives, merger clearance, and approval from French gaming regulators. This move brings more consolidation to the French gambling and builds on Banijay’s rapid expansion in the sector after its creation of the dedicated Banijay Gaming division earlier this year.
Banijay bought Tipico, the Germany-facing betting operator, in April, merging it with Betclic to create a new European gambling giant. At the time, it said the combined assets would have delivered €7.4bn in revenue, €1.6bn in adjusted EBITDA, and €1.2bn in adjusted free cash flow on a pro forma basis in 2025.
To that combination, the company now adds a portfolio of land-based casinos that received 4.6 million visitors in 2025 and produced around €430m in gross gaming revenue.
Banijay described the acquisition as “another important step” in its strategy to build a diversified European gaming leader, combining Betclic’s digital expertise with JOA’s nationwide retail footprint to strengthen its omnichannel offering.
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.”
Group CEO François Riahi added: “The acquisition of Tipico has transformed us into a diversified omnichannel European leader in gaming, and the acquisition of JOA is fully relevant to this evolution. As in Germany and Austria, we will become a leader in land-based gaming in another of our core countries: France.”
A change in the dynamic of the French casino sector?
Groupe JOA is the second-biggest casino operator in France in terms of revenue behind Groupe Barrière. It also has the second-biggest presence in terms of the number of casinos. Groupe Partouche has 40 casinos in France and Belgium, while Groupe Barrière has 27 venues in France, including Casino Barrière Enghien-les-Bains near Paris.
Banijay’s move could shift the dynamic in the debate over whether to regulate online casino gambling in France. The government postponed plans to regulate the vertical last year amid opposition from land-based casinos, but the balance of opinion could change now that a major casino group is passing into the hands of an operator with a strong online gambling presence.
The acquisition comes amid the expansion of French rival FDJ United, which has completed a string of acquisitions in recent years, including that of the igaming operator Kindred. Meanwhile, regulatory changes have seen Pascal Chèvremont step in as president of the gambling regulator ANJ.
Banijay said that JOA’s leadership will remain in place after the deal closes. Laurent Lassiaz will continue as Chairman, alongside the existing management team. Lassiaz welcomed the deal, saying: “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.”
Amsterdam-listed Banijay Group reported group revenue of €1.15bn for Q1. That’s a 9 per cent increase compared with the same period last year. Adjusted EBITDA rose 5.4 per cent to €196.6m, while adjusted net income climbed 18.1 per cent to €56.9m.
While Banijay’s entertainment division delivered €714.5m in revenue, up 4.5 per cent, revenue from the newly consolidated Banijay Gaming division rose 14.4 per cent to €326m. The company credited sustained customer engagement for the rise, though it noted that adverse results in football tempered gains. Casino, poker, and turf betting revenue jumped 27 per cent, driven by the launch of a new online poker platform in France and an online casino in Côte d’Ivoire in early 2025.
