Banijay has agreed to acquire Groupe JOA’s network of 33 regional casinos across France through its gaming division. The French media group, which owns Betclic and Tipico, expects the transaction to complete in the second half of 2025 pending regulatory approvals.
The acquisition targets a resilient land-based cash machine while positioning Banijay for potential future online regulation. France currently has no legal online casino market, and H2 Gambling Capital data indicates retail betting stakes declined slightly to €10.5 billion in 2025 from €11 billion the previous year. Industry analysts view the deal as a strategic balance between immediate revenue and long-term growth.
Strategic Rationale and Future Outlook
Ollie Woodward, deal advisory director at BDO, notes the valuation likely balances current fundamentals with a long-term investment in potential iCasino regulation. Nigel Hinchliffe of Alvarez & Marsal adds that the transaction relies on the significant upside of online liberalization. He expects JOA to generate cash to support Banijay’s European online operations while the group awaits a regulatory shift that may include punitive tax burdens.
Laurent Lassiaz, chairman of JOA, will remain to run the business following the acquisition. He describes the move as an evolution from brick-and-mortar to click-and-mortar operations. Lassiaz states that while iGaming is not a threat to the land-based sector, licenses tethered to physical casino operations would create "a huge new vertical for us".