Banijay’s €32bn JOA Deal Is Really a Bet on France’s Missing Online Casino Market

France still bans online casino gambling. That did not stop Banijay from spending billions to deepen its presence there.

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The media and gaming group, which owns Betclic and recently expanded through its acquisition of Tipico, has agreed to buy Groupe JOA’s network of 33 land-based casinos. On paper, the deal strengthens Banijay’s retail footprint in one of Europe’s largest gambling markets. Beneath the surface, many in the industry see something else: a calculated wager that France will eventually legalize online casinos.

That possibility remains uncertain. Yet it appears to be central to how analysts are interpreting one of the sector’s biggest recent transactions.

Buying Tomorrow, Not Just Today

France’s casino industry is hardly a distressed asset. More than 200 casinos operate across the country, generating stable revenues from local customers rather than tourists. Industry data puts casino turnover at more than €32 billion in 2025, with slot machines accounting for most gambling revenue.

That dependable cash flow gives Banijay a profitable business from day one.

The longer-term attraction is harder to measure. If France eventually opens its online casino market, a nationwide network of physical casinos could become a valuable competitive advantage. Industry advisers believe operators with existing land-based venues may enjoy lower customer acquisition costs, stronger loyalty programs, and potentially an advantage if regulators choose to tie future online licenses to casino ownership.

Several transaction specialists believe the numbers are difficult to justify through retail operations alone. Their view is that Banijay is paying not only for today’s earnings but also for the possibility of securing an early position in what could become one of Europe’s largest regulated online casino markets.

The Black Market Opportunity

France already has significant online casino demand despite the ban.

Industry estimates suggest offshore operators generate around €1.5 billion annually from French players. That creates a market which exists in practice but remains outside domestic regulation.

Many advisers caution that no acquisition should rely entirely on political change. Even so, the scale of the illegal market makes legalization an attractive long-term opportunity if policymakers ever decide to act.

JOA itself has previously argued that online casinos would not necessarily damage traditional venues, particularly if future licenses remained linked to existing casino operators. Under that model, companies already embedded in the retail market would be well placed to expand online.

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Omnichannel Without Half the Channels

Banijay has described the acquisition as an omnichannel strategy. The term typically refers to offering customers betting and gaming products across digital and physical platforms.

That ambition faces an obvious limitation in France, where online sports betting is legal but online casino games are not.

Even so, industry advisers believe combining retail casinos with digital betting operations still delivers operational advantages. Customer databases, loyalty schemes, hospitality businesses and marketing all become more valuable when managed together. As advertising restrictions continue tightening across Europe, physical locations may become an increasingly useful asset rather than simply a legacy business.

Where Investors Are Putting Their Money

The JOA acquisition also reflects a broader shift in gaming investment.

Large operators with regulated businesses, steady cash flow and diversified platforms continue attracting buyers. Smaller game developers face a very different reality.

Industry executives describe growing pressure on mid-sized content studios as new games flood the market while the largest suppliers dominate distribution. Rising certification costs, AI-assisted development and shrinking margins have made acquisitions less attractive, with some observers expecting closures instead of buyouts.

Deal advisers still see demand for businesses with proprietary technology, unique products or access to regulated markets. But buyers have become far more selective, often preferring assets that offer scale, customer ownership and regulatory certainty.

That makes Banijay’s latest move notable. It is less about expanding a casino portfolio than securing a strategic position before a market that does not yet legally exist. If French online casinos remain prohibited, Banijay still owns a profitable network of regional venues. If regulation changes, the company may already be standing at the front of the queue.

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Sources: igamingbusiness.com