Building an omnichannel gambling business in a country with a ban on many channels poses significant challenges. Banijay, the French media conglomerate that owns Betclic and recently acquired Tipico, has proposed a strategic move to address this issue. On July 6, the company announced plans to acquire Groupe JOA, which operates 33 regional casinos throughout France. The deal's completion is expected in the latter half of this year, pending regulatory approval. Both Banijay and JOA express enthusiasm about the resultant "omnichannel opportunity."
However, there is a notable contradiction: France does not currently have a legal online casino framework, and H2 Gambling Capital's data reveals that retail betting stakes fell to €10.5 billion in 2025 from €11 billion in 2024. This raises a critical question: what exactly is Banijay paying for?
Industry analysts suggest that the value of the acquisition is based on three main factors: a stable land-based revenue generator, potential for acquiring customers more cheaply in the future, and a strategic position in what could be the largest unregulated online casino market in Europe.
Starting with the potential benefits, Ollie Woodward, a director at BDO specializing in the betting and gaming sector, points out that the deal's valuation likely reflects both its current cash flow merits and a speculative bet on future iCasino regulations in France. He states that the omnichannel potential is significant, creating an ecosystem that encompasses online sports betting, gaming, retail gaming, and hospitality.
Nigel Hinchliffe, a managing director at Alvarez & Marsal, underscores this view, emphasizing the deal's underlying risk-reward dynamic. He suggests that the prospect of online casino liberalization could yield substantial benefits, while the current financial input from JOA remains a vital cash flow for Banijay's expanding online operations in Europe. He anticipates that if regulations do shift to allow online licenses to be connected to land-based operations, Banijay's acquisition could be recognized as a savvy investment.
The licensing model itself is not solely a vision of Banijay’s. JOA’s chairman, Laurent Lassiaz, stated in June that the rise of iGaming does not threaten brick-and-mortar establishments. Instead, he views licenses tied to casinos as a promising growth area. Lassiaz advocates for an evolutionary transition towards a hybrid of physical and digital gambling operations.
Analyzing the deal from a broader European perspective, Christian Tirabassi, senior partner at Ficom Leisure, identifies a trend towards product and channel convergence. He argues that operators need to offer a comprehensive array of regulated products through multiple channels. While online casinos remain illegal, a strong digital presence combined with an established land-based network can enhance customer loyalty and acquisition, especially as marketing regulations become stricter.
Tirabassi is cautious about relying on future regulatory changes as a rationale for the acquisition but acknowledges that a significant share of demand for online casinos in France is currently being met by offshore operations, with the black market estimated at around €1.5 billion yearly.
Banijay is set to acquire a robust asset in the form of JOA, which manages over 200 casinos, a legacy of Napoleon's licensing rules. In 2025, the casino sector's turnover was projected at €32.2 billion, with gross gaming revenue around €2.8 billion, most of which comes from slot machines.
The local nature of the casino market supports its stability; with an average visit costing about €80, locals prioritize their leisure spending at these venues even during economic downturns. Lassiaz notes that casinos serve as important leisure destinations for the French populace.
Moreover, the political landscape supports this investment as casinos contribute significant gross gaming revenue taxes to local municipalities, covering as much as half of certain municipal budgets. This political integration implies practical reluctance for immediate regulatory changes, yet it also indicates that should licenses be introduced, Banijay, with its 33 casinos, will likely be at the forefront.
François Riahi, CEO of Banijay, expressed that acquiring JOA is part of a larger strategy to replicate successful operations in Germany and Austria, positioning Banijay as a leader in land-based gaming in France.
The role of Blackstone and Kings Park Capital in the transaction remains somewhat ambiguous. While they are mentioned as supporting parties in the acquisition press release, some advisers suggest they could be more accurately viewed as sellers, indicating a private equity exit rather than new investment in French casinos.
Despite ongoing challenges facing mid-sized gaming studios and content providers, there remains investor interest in large, cash-generative gaming operators. Helen Walton, co-founder of G.Games, warns of pressures on mid-tier studios as they struggle to compete against major suppliers, shrinking margins, and increased operational costs.
Despite the industry's volatility, advisers maintain that there is still a demand for unique gaming opportunities, especially those that can leverage new regulatory environments. Woodward projects continued focus on acquiring businesses that combine regulation, scale, and effective customer retention strategies rather than standalone content producers.
Overall, the Banijay and JOA acquisition reflects the evolving value in the gaming sector, positioning Banijay for potential long-term gains in what might become Europe’s largest unregulated online casino market. In a landscape where mid-market operators find it challenging to attract buyers, this acquisition illustrates the shifting dynamics of value in the gaming industry.
