France clears Banijay Gaming’s acquisition of Joa without conditions

France's competition authority approved Banijay Gaming's planned acquisition of casino operator Joa Group without conditions on 7 November 2026, concluding its first review of a transaction combining online and land-based gambling. The Autorité de la Concurrence examined overlaps between Banijay's digital betting activities and Joa's physical casinos and found no significant competition concerns.

Regulator focused on poker and cross‑channel links

The authority's analysis concentrated on poker, identified as the main area where customer activity overlaps between online platforms and casino venues. Regulators consulted rival operators and France's gambling regulator, the Autorité Nationale des Jeux (ANJ), and acknowledged that some players—particularly younger customers—move between online poker and land-based casino tables. Despite that cross‑channel movement, the Autorité de la Concurrence concluded the merger is unlikely to restrict competition.

The decision cites the parties' existing market positions, the presence of several strong competitors and the relatively limited role that poker plays within Joa's overall casino operations. The regulator also framed its assessment within current French law, noting online casino games remain illegal in France and that any future legalisation was too uncertain to factor into the review.

Deal background and strategic fit

Banijay announced the planned purchase of Joa in July 2026. Joa Group, currently owned by funds managed by Blackstone and Kings Park Capital, operates 33 casinos across France. The acquisition will add that land‑based network to Banijay's gambling portfolio, which already includes online betting operator Betclic and the German sports betting group Tipico.

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”.

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

Regulatory context and limits of the review

The Autorité de la Concurrence's ruling explicitly reflected the current legal framework. Online casino games remain illegal in France, so the review did not evaluate competitive effects that could emerge from a future regulated online casino market. The French government has previously proposed regulating the vertical but faced opposition from land‑based operators and local authorities in towns that host casinos, and those political uncertainties informed the regulator's decision to exclude hypothetical future regimes from its assessment.

The authority also examined whether the combined group could use cross‑channel promotions or products to the detriment of rivals and determined such risks did not warrant remedies given market structure and the limited scale of poker within Joa's revenues.

What Banijay adds and next steps

The cleared deal brings Joa's 33 French casinos into Banijay's portfolio and integrates land‑based venues with Banijay's existing online businesses including Betclic and Tipico. The Autorité de la Concurrence imposed no conditions on the transaction. The regulator worked with the Autorité Nationale des Jeux during its investigation and will publish its formal decision and reasoning in line with standard practice.