Banijay’s €32 billion bet on France’s “nonexistent” online casino market

Banijay’s deal for Groupe JOA’s 33 casinos is being sold as an “omnichannel opportunity” in a country where online casino is not legal. For high-risk operators and their payment partners, the point is less the slogan than the structure: cash-generating land-based assets today, lower acquisition costs tomorrow, and a position in any future regulated iCasino market in France.

1. On 6 July, Banijay, the French media group behind Betclic and Tipico, agreed to acquire Groupe JOA’s network of 33 regional casinos across France through its gaming arm. Completion is expected in the second half of this year, subject to regulatory approvals.
2. France does not have a legal online casino market. At the same time, H2 Gambling Capital data shows retail betting stake in France slipped slightly to €10.5 billion in 2025 from €11 billion the year before. That is the backdrop for Banijay’s pitch: the “omnichannel opportunity” is being priced in a market where one of the channels does not yet exist.
3. Industry analysts quoted in the report say the deal makes sense on three levels: a resilient land-based cash machine now, a cheaper customer later, and an early position in what could become the biggest unregulated online casino market in Europe. Ollie Woodward of BDO says the valuation is “likely a balance of the two” but “undoubtedly there is long-term punt here on the potential for iCasino becoming regulated in France.”
4. Nigel Hinchliffe of Alvarez & Marsal says the deal would be hard to justify on land-based fundamentals alone, adding that Banijay is taking a calculated risk where “the upside of online casino liberalisation is significant while the downside is more limited.” His view is that JOA’s cash generation can be used to fund Banijay’s higher-growth European online operations in the meantime.
5. There is also a licensing angle. If future online licences in France are tied to land-based operations, the acquisition becomes more than a defensive land-based play. JOA chairman Laurent Lassiaz, who will stay on to run the business, told iGB in June that iGaming is no threat to France’s land-based sector and that licences linked to casino operations would be “a huge new vertical for us.”

The thing is, this is not just a France story. For PSPs, acquirers, and banks working with gaming groups, the capital is clearly flowing toward businesses that can bridge online and offline acquisition, even when the online piece is still a policy question rather than a product line. The value is in optionality: regulated cash flow now, distribution and lower CAC later, if the rules move.