Banijay wins approval for Joa deal after first French omnichannel review

The regulator found no competition concerns despite examining links between online betting and land-based casinos.

Key takeaways

• France’s competition authority approved Banijay’s acquisition of Joa without conditions.
• The review was the first in France to examine a gambling transaction spanning online and land-based operations.
• Regulators focused mainly on poker, where customer activity overlaps between online platforms and casinos.
• The authority concluded that strong competitors and poker’s limited role in Joa’s business reduced competition concerns.
• The acquisition will add Joa’s 33 French casinos to a portfolio that already includes Betclic and Tipico.

France’s competition authority has approved Banijay’s planned acquisition of casino operator Joa, clearing the transaction without conditions. The decision follows the regulator’s first assessment of a gambling deal combining online and land-based activities, with officials concluding that the merger is unlikely to restrict competition despite growing links between digital betting platforms and physical casino venues.

France.- France’s competition authority has approved Banijay Gaming’s acquisition of casino operator Joa Group without imposing any conditions, concluding that the deal does not raise significant competition concerns despite creating a presence across both online and land-based gambling.

It’s the first time the Autorité de la Concurrence has examined a transaction combining businesses in digital and physical gambling markets in France. Regulators said they considered whether the merged company could use cross-channel products and promotions to disadvantage competitors but ultimately determined that the acquisition was unlikely to distort competition.

The authority’s analysis focused primarily on poker, the area where overlap between the two businesses was the most apparent. Following consultations with rival operators and France’s gambling regulator, the Autorité Nationale des Jeux (ANJ), it found that players increasingly move between online platforms and casino venues, particularly younger customers whose gambling habits cross channels.

Despite acknowledging these links, the regulator concluded that intervention was not warranted. It pointed to the companies’ existing market positions, the presence of several strong competitors and the relatively limited role poker plays within Joa’s overall casino operations. The authority also noted that its assessment reflected the current regulatory framework, under which online casino games remain illegal in France, and therefore did not take into account any future legalisation of the sector.

The French government previously proposed regulating the vertical but faced strong opposition from land-based casino operators as well as local authorities in areas with land-based casinos. As such, the regulator considered any future regulation of online casino gambling in France to be too uncertain to evaluate.

Banijay announced its planned acquisition of Joa in July. The latter, currently owned by funds managed by Blackstone and Kings Park Capital, operates 33 casinos across France. The deal will add a major land-based casino network to a gambling portfolio that already includes online betting operator Betclic and the German sports betting group Tipico.

When the acquisition was announced, Joa chairman Laurent Lassiaz said Banijay’s “expertise in technology and digital innovation” would help accelerate the company’s omnichannel ambitions “while allowing us to preserve the entrepreneurial spirit and local roots that have always been our strength”.

Lassiaz has previously argued that brick-and-mortar casinos occupy a distinct place in the French leisure market and is “aimed at locals”. “For the French population, the casino is a local leisure destination,’ he said.

Meanwhile, Banijay Group chief executive François Riahi linked the transaction to the group’s wider transformation strategy. “As in Germany and Austria, we will become a leader in land-based gaming in another of our core countries: France,” he said.

FAQS

Why did France approve Banijay’s acquisition of Joa?

The competition authority found that the transaction was unlikely to harm competition. It cited the parties’ market positions, the presence of established competitors and the limited importance of poker within Joa’s overall operations.

Why was poker a focus of the investigation?

Poker was identified as the main area where Banijay’s online activities and Joa’s casino business overlap. Regulators found that some players move between online poker platforms and casino venues.

Did the regulator consider online casinos in its review?

Yes, but only within the context of current French law. The authority did not assess a future regulated online casino market because any legalisation remains uncertain.

What assets will Banijay add through the Joa acquisition?

The deal will bring 33 land-based casinos into Banijay’s gambling portfolio, complementing existing brands and businesses including Betclic and Tipico.