Online Poker Scrutiny Fails to Block Banijay’s JOA Acquisition

It was the first time the French competition authority had reviewed a transaction bringing online gambling and land-based casinos together under one operator in France. The examination went beyond whether the two companies compete directly. Regulators also looked at what Banijay might do with customers who play poker both online and in casinos.

Poker Was the Closest Link Between the Businesses

The Autorité de la concurrence found no direct overlap between the parties’ French casino operations. Banijay’s parent, Lov Group, does not currently operate land-based casinos in the country. JOA, meanwhile, runs 33 physical venues.

Poker presented a different question. During its review, the authority consulted competitors and France’s gambling regulator, ANJ. The findings suggested that some poker players move between online platforms and casino tables. Younger customers are also becoming a larger part of the casino audience, bringing the two groups closer.

That gave the authority grounds to examine whether Banijay could use bundled offers or other cross-channel promotions to strengthen its position. It ultimately found insufficient grounds for concern. Established competitors remain active in both markets, and poker represents only a small share of JOA’s overall casino business.

No remedies were required.

Online Casino Legalisation Was Left Out

One part of the decision concerned a market that does not legally exist in France. Online casino games remain prohibited, although possible legalisation has been discussed for years. The authority considered whether a future opening of that market should affect its assessment of the acquisition.

It decided against doing so. Legalisation was still too uncertain to qualify as a sufficiently plausible scenario under its merger guidelines.

The distinction leaves two different outcomes in the same decision. Existing links between online poker and casino tables were examined for competition risks. Potential links involving future legal online casino products were not.

The clearance therefore says nothing about whether France will eventually permit online slots or other online casino games.

July Agreement, November Clearance

As 15M reported in July, Banijay agreed to buy JOA from funds managed by Blackstone and Kings Park Capital. The purchase price was not disclosed. JOA generated around €430 million in gross revenue in 2025 and attracts more than 4.6 million customers annually, according to Banijay.

Banijay had expected to close the deal in the second half of 2026. Employee consultation and regulatory approvals, including casino gaming authorisations, were among the conditions. The November 4 decision covers antitrust clearance only, but it does not confirm that the acquisition is complete.