France clears Banijay Gaming to buy JOA's 33 casinos
Approval on 4 Nov 2026 without conditions; closing expected in Q4 2026
Key Takeaways
- The Autorité de la concurrence authorised on 4 November 2026 Banijay Gaming's acquisition of JOA without conditions.
- JOA operates 33 casinos in France and reported roughly €430 million in gross gaming revenue in 2025 with over 4.6 million visitors.
- Banijay agreed the July 2026 purchase from funds managed by Blackstone and Kings Park Capital and expects to close in Q4 2026.
- The regulator found that overlap between Betclic's online poker and JOA casinos is limited and excluded potential online casino legalisation from its analysis.
Banijay Gaming has received France's approval to acquire JOA, the operator of 33 casinos, without conditions, the Autorité de la concurrence said in its 4 November 2026 decision. The group, owner of Betclic, expects to close the deal in the fourth quarter of 2026 after completing operational authorisations and consultations with employee representatives.
Financial and operational details
JOA operates 33 casinos in France and recorded approximately €430 million in gross gaming revenue in 2025, with more than 4.6 million annual visitors. Banijay Gaming agreed to buy JOA in July 2026 from funds managed by Blackstone and Kings Park Capital. The transaction follows Banijay's acquisition of Tipico in April 2026, which strengthened the group's presence in Germany and Austria.
Regulatory assessment on competition
The Autorité de la concurrence examined whether combining Betclic's online gaming services with JOA's casino network could harm competitors. Its inquiry noted that online poker players also frequently visit physical casinos, especially among younger customers, but concluded that poker's relatively small contribution to JOA's revenue and existing competition make a harmful concentration unlikely.
The regulator excluded from its analysis the potential legalisation of online casinos in France, since the country currently bans online casino games and any future change was too uncertain to assess.
Management and next steps
Nicolas Béraud, chairman of Banijay Gaming, explained the strategy:
"Customers increasingly expect integrated experiences between digital and physical, and this transaction positions us to respond to that evolution." — Nicolas Béraud
Antoine Jouteau serves as chief executive of Banijay Gaming, while Laurent Lassiaz remains chairman of JOA. Despite the unconditional competition clearance, the deal still requires the relevant casino operating licences and consultation with employee representatives before closing.
The announcement comes as the French market recorded revenue growth of 0.5% in the first half of 2026, driven mainly by the online gaming segment.
Frequently Asked Questions
What exactly did the Autorité de la concurrence approve on 4 November 2026?
The Autorité de la concurrence authorised without conditions Banijay Gaming's acquisition of JOA. The decision allows the group to proceed with the purchase of 33 casinos, after which it must complete operational licences and employee consultations before closing.
How many casinos does JOA operate and what revenues did it report in 2025?
JOA operates 33 casinos in France and generated approximately €430 million in gross gaming revenue in 2025, with more than 4.6 million annual visitors.
Who sold JOA and when was the sale agreed?
Banijay agreed to buy JOA in July 2026 from funds managed by Blackstone and Kings Park Capital. The deal was announced as part of Banijay's expansion strategy.
What was the Autorité's position on competition between online poker and physical casinos?
The Autorité concluded that online poker represents a relatively small share of JOA's revenue and that existing competition makes a harmful concentration unlikely. It noted that online poker players often visit physical casinos, especially younger customers, but saw no anticompetitive risk.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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