Banijay Entertainment's gambling division recently announced the acquisition of the network of 33 regional casinos of France's JOA Group, with the transaction expected to be completed in the second half of this year, pending consultation with employee representatives and approval from merger control and casino regulatory authorities. Financial terms were not disclosed, only revealing that funds managed by Blackstone and Kings Park Capital provided financial support. This marks Banijay's second major transaction within a year following the acquisition of Tipico last October. PASA's official website noted that Banijay Group CEO François Riahi has aligned these two acquisitions along the same strategic line—previously, Tipico had transformed the company into a "diversified, omnichannel European gambling leader," and the addition of JOA makes France the third core market after Germany and Austria to simultaneously layout both online and offline strategies.
Why French Casinos Can Withstand Economic Downturns
In an interview with iGB in June, JOA Chairman Laurent Lassiaz positioned the French casino industry aptly: "For the French people, casinos are an item on the local leisure list, which is why they can perform so resiliently in a poor economic environment." Simply put, the core clientele of French regional casinos are local residents rather than international tourists. No matter how the economy fluctuates, locals' daily leisure activities do not just stop. This structure gives them a superior counter-cyclical capability compared to destination resorts that rely on cross-border tourist flows.
The data is equally solid. According to H2 Gambling Capital, the turnover of French casinos is expected to reach €32.2 billion in 2025, with retail betting at **€10.5 billion**, slightly lower than €11 billion in 2024. France has not yet regulated iGaming, and the lobbying power of the land-based gambling industry combined with political uncertainty means that policy relaxation is unlikely in the short term. However, Lassiaz's attitude differs from the industry's general defensive stance—he does not see iGaming as a threat but advocates linking online licenses with land-based casino operations, calling it a "natural extension from brick-and-mortar to clicks." In his view, this is not defense, but going with the flow.
Two major transactions in less than a year, the omnichannel blueprint emerges
Banijay had already hinted at further acquisitions to consolidate its leading position in core markets like France and Germany during its March Capital Markets Day, and the JOA acquisition has turned those hints into action. Meanwhile, the group has clearly stated that it will initiate the business integration of Tipico and Betclic after the World Cup ends. Riahi explained that waiting until after the World Cup window is to ensure the team is "focused on preparing new features for the app, adjusting everything in place to fully capture the event's benefits."
Lassiaz will continue to lead the existing management team at JOA, ensuring a smooth transition for employees, customers, and local stakeholders. He does not hide his expectations for Banijay's "expertise in technology and digital innovation," stating that it will help JOA accelerate its omnichannel development, "while retaining entrepreneurial spirit and local roots, which has always been our strength."
PASA's official website believes that while most global gambling operators are focusing on emerging markets like Latin America and Africa, Banijay has chosen a contrary path—deepening the omnichannel in Europe's mature markets with the highest regulatory thresholds and competitive barriers. This path is slower and more expensive, but once the online-offline integration model in France, Germany, and Austria is established, the resulting synergistic effects will form a structural advantage that competitors will find difficult to replicate in the short term. As Vaughan Lewis, a veteran in the gambling industry, told iGB last November: "Regulatory challenges create entry barriers, which often enhance the value and sustainability of leading operators."
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This article is from "PASA-Global iGaming Leaders," a gambling industry news channel:https://t.me/pasa_news
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