France clears Banijay Gaming takeover of JOA’s 33 casinos
Autorité de la concurrence approves deal unconditionally; closing expected in Q4 2026.
Key Takeaways
- Banijay Gaming received unconditional clearance from the Autorité de la concurrence on 4 November 2026 to acquire JOA.
- JOA operates 33 casinos in France and reported about €430 million in gross revenue in 2025 with over 4.6 million visitors.
- Banijay agreed to purchase JOA from Blackstone and Kings Park Capital in July 2026 and expects to complete the deal in Q4 2026.
- The regulator found no harmful market concentration, noting poker contributes only a small share of JOA casino revenue.
Banijay Gaming received unconditional competition clearance on 4 November 2026 to acquire JOA, the operator of 33 casinos across France. JOA reported approximately €430 million in gross revenue in 2025 and attracted over 4.6 million visitors that year; Banijay expects to complete the transaction in Q4 2026.
Deal background and corporate moves
Banijay Gaming, the owner of Betclic, agreed to buy JOA from funds managed by Blackstone and Kings Park Capital in July 2026. The acquisition follows Banijay Group’s April 2026 takeover of Tipico, which expanded the group's footprint in Germany and Austria. Nicolas Béraud, President 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.” — Nicolas Béraud, President of Banijay Gaming
Antoine Jouteau now serves as Banijay Gaming CEO, while Laurent Lassiaz remains chairman of JOA.
Regulatory review and findings
The Autorité de la concurrence examined whether combining Betclic’s online gambling services with JOA’s land-based casinos would harm competition, particularly in online poker. The authority found that online poker players frequently also visit physical casinos, with younger customers using both channels, but concluded that existing competition and poker’s relatively small contribution to JOA casino revenue made harmful market concentration unlikely. The regulator explicitly excluded any hypothetical future online casino legalisation from its assessment because it considered such a change too uncertain to evaluate.
The authority’s clearance is unconditional, but the transaction still requires standard national approvals linked to casino operating licences and consultation with employee representatives before completion in Q4 2026.
Market context
France’s gambling market recorded 0.5% revenue growth in the first half of 2026, with online gambling accounting for much of that increase. JOA’s portfolio includes casinos with restaurants, bars and hotels, providing Banijay Gaming with an established land-based network in France.
Banijay’s move integrates a major land-based operator with its online brand portfolio and follows recent consolidation in European betting and gaming markets.
Frequently Asked Questions
When did French regulators approve the Banijay Gaming acquisition of JOA?
Regulatory approval was granted on 4 November 2026 by the Autorité de la concurrence. The clearance was unconditional and allows the parties to progress towards closing.
How large is JOA’s business and who owned it before the sale?
JOA operates 33 casinos across France, generated approximately €430 million in gross revenue in 2025 and drew over 4.6 million visitors that year; it was being sold by funds managed by Blackstone and Kings Park Capital.
Does the approval mean the deal is closed?
No, the Autorité de la concurrence granted competition clearance but Banijay still needs relevant casino operating approvals and must consult employee representatives before completing the transaction, which it expects in Q4 2026.
Did the regulator consider online casino legalisation in its review?
The Autorité de la concurrence excluded potential online casino legalisation from its assessment because it judged any such change too uncertain to evaluate during the review.
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About the author
Marcus Webb
Industry Deals Correspondent
Marcus Webb covers the deal flow of the gambling industry — operator strategy, M&A, market entries, and product launches from sportsbook rebrands to full platform migrations. The reports name the companies, valuations, and jurisdictions exactly as disclosed and separate the announcement from its market impact. When a group consolidates a brand or a challenger launches into a new state, Marcus Webb explains who gains, who pays, and what closes next quarter.
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