Banijay Entertainment, the owner of Tipico and Betclic, has expanded into the French land-based gaming sector by acquiring JOA, a network of 33 regional casinos throughout France. This acquisition aims to enhance its omnichannel capabilities and is expected to finalize in the latter half of the year, pending consultations with JOA’s employee representatives and the necessary regulatory approvals for the merger and casino gaming operations.
While Banijay did not reveal financial specifics regarding the transaction, it was noted that funding would be provided by Blackstone and Kings Park Capital.
François Riahi, the CEO of Banijay Group, linked this move to the previous acquisition of Tipico, which he stated has transformed the company into a diversified omnichannel leader in the European gaming landscape. Riahi expressed confidence that acquiring JOA aligns perfectly with their strategic evolution, stating that the company would now become a significant player in land-based gaming within another key market, France. He welcomed the JOA team to Banijay Group, anticipating a favorable entrepreneurial environment for continued growth and value creation across the country.
JOA’s chairman, Laurent Lassiaz, emphasized that Banijay's expertise in technology and digital innovation would boost JOA's omnichannel development while maintaining its local entrepreneurial spirit and roots. Lassiaz will continue to manage JOA alongside the existing team, ensuring stability for employees, customers, and local stakeholders.
In a recent interview, Lassiaz highlighted the strong local focus of France's casino culture, noting its resilience to external economic pressures. He indicated that for many French citizens, casinos serve as accessible leisure destinations, contributing to their stability during downturns. According to H2 Gambling Capital, France's casino turnover is projected to reach €32.2 billion by 2025, with retail betting at €10.5 billion, a slight decrease from €11 billion in 2024.
Although iGaming remains unregulated in France currently, Lassiaz articulated that the presence of iGaming should not be seen as a threat to the traditional casino market. He argued that integrating online licenses with land-based operations could present a new vertical for JOA, advocating for the shift towards a seamless combination of physical and online gambling, which he deems a natural progression for the industry.
This acquisition is Banijay's second major move in the past year, following its purchase of Tipico in October. Plans to merge Tipico with their Betclic operations could position them as the fourth largest player in the European sports betting and gaming sector. During a March capital markets day, Riahi indicated that the organization’s focus on further mergers and acquisitions would continue to strengthen its market position in regions like France and Germany.
However, Riahi noted that Banijay would postpone the integration of Tipico until after the World Cup, aiming to focus on preparing new application features to maximize the event's potential.
The acquisition of JOA reinforces Banijay's foothold in France, reflecting a wider trend among European gaming giants as they seek to consolidate their presence in stable regulatory markets to mitigate risks associated with less established areas. Vaughan Lewis, a veteran in the gaming industry, previously noted that significant value can be found in heavily regulated markets, as regulatory barriers can enhance the value and sustainability of leading operators.
