France's competition authority approved Banijay Gaming's acquisition of casino operator Joa without conditions, concluding the deal is unlikely to harm competition.
The review was the first in France to examine a merger combining online and land-based gambling businesses. The regulator assessed whether the combined group could use offers across both channels to pressure rivals. It did not include the prospect of legalising online casino games, judging such scenarios too uncertain.
Poker as overlap zone
Poker emerged as the main area of potential overlap. After consulting competitors and national regulator ANJ, the authority found that players move between online platforms and casino venues. Younger casino customers are bringing the audiences closer together.
The authority nevertheless cleared the deal. It cited the parties' market positions, the presence of substantial competitors and poker's limited contribution to Joa's business. The regulator recognised that customers may use both land-based venues and digital gambling but saw no grounds for intervention. Current French rules, which prohibit online casino games, constrained the assessment.
Deal rationale
Banijay agreed to buy Joa, which operates 33 casinos, from Blackstone and Kings Park Capital funds in July. At the announcement, Joa chairman Laurent Lassiaz said Banijay's technology and digital expertise would accelerate omnichannel development.
Banijay Group CEO François Riahi linked the deal to the Tipico acquisition, which he said had transformed the business into a diversified omnichannel European operator. After closing, Banijay will become the land-based gambling leader in France, one of the group's core markets alongside Germany and Austria.
Banijay announced the Tipico acquisition in October last year. The group's portfolio includes Betclic, which held first place in online betting in France according to an investor presentation earlier this year.
