Casinos: European giants are banking on France
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8 Sep 2026 •
Reading time: 5 minutes
Since the start of 2025, three French casino groups have changed hands, whilst players already active in the digital gaming sector in Europe are strengthening their presence in France.
French casinos are attracting foreign groups
In the space of just over a year, several deals have altered the ownership structure of French casinos. Novomatic kicked off the trend on 1 July 2025 with the acquisition of Vikings Casinos.
Founded in Falaise in 1998, Vikings Casinos operates more than ten venues and around 1,000 gaming terminals. The group employs over 300 people. The purchase price has not been disclosed.
A year later, on 6 July 2026, Banijay Gaming, owner of Betclic, reached an agreement to acquire the entire JOA Group from Blackstone and Kings Park Capital.
JOA operates 33 casinos and claims 4.6 million customers a year. In 2025, its venues generated €430 million in gross gaming revenue. The acquisition is expected to be finalised in the second half of 2026, subject in particular to regulatory approvals and consultation with employees.
Three months before the deal involving JOA, Banijay had also acquired the German sports betting specialist Tipico.
The wave of takeovers continued on 28 August 2026. Merkur agreed to acquire 95 per cent of Casigrangi, a company which itself holds 81.21 per cent of Société Française de Casinos.
The transaction is valued at approximately €31.5 million. The sellers are GPG Groupe Philippe Ginestet and DOFA, with the latter retaining a 5 per cent stake in Casigrangi under provisions providing for put and call options.
The deal involves seven casinos. Three establishments, located in Megève, Granville and Mimizan, form part of Casigrangi’s Le Stelsia group. The other four, operated by Société Française de Casinos, are situated in Châtel-Guyon, Collioure, Gruissan and Port-la-Nouvelle.
The offer values Société Française de Casinos at €6.19 per share, representing a premium of 196 per cent over the 240-day volume-weighted average share price.
The transaction is expected to be finalised in the first quarter of 2027. A mandatory public offer must then be filed with the Autorité des marchés financiers during the first half of the year. Authorisation from the Ministry of the Interior is also required.
Why are these takeovers taking place now?
Taken individually, these deals reflect different strategies. Viewed together, however, they share a common feature: the acquirers already operate in the online casino or slot machine sectors in other European markets.
However, France retains one major peculiarity. It permits online sports betting, poker and horse racing betting, but not online casino games.
This ban comes at a time when the gambling market continues to grow. According to figures from the National Gambling Authority, gross gaming revenue in France reached 14.1 billion euros in 2025, up 3 per cent year-on-year. Land-based casinos generated €2.816 billion, an increase of 3.4 per cent, with 31.6 million visits recorded. Authorised online gambling, meanwhile, generated €2.617 billion, up 8.5 per cent. It thus accounted for 18.5 per cent of the French market.
The legalisation of online casinos remains stalled
No bill aimed at legalising online casinos is currently before Parliament.
The last significant attempt dates back to October 2024. Amendment I-3638 to the 2025 Finance Bill provided for the authorisation of online casinos. The proposal envisaged a government levy equivalent to 27.8 per cent of gross gaming revenue, to which a social security contribution of the same level would have been added. The combined tax burden would therefore have reached 55.6 per cent. However, the amendment was ultimately withdrawn.
On 6 November 2024, the Minister for the Budget, Laurent Saint-Martin, subsequently launched a structured consultation with the National Gambling Authority. Around fifty representatives from land-based and online operators, public health organisations, Parliament and local authorities were due to take part in the discussions.
Three topics were under consideration: the prevention of addiction, the protection of individuals and public order, and the economic implications for the sector and the local authorities hosting casinos.
The conclusions were expected in the first quarter of 2025. The collapse of the Barnier government the following month brought the process to a halt.
Casinos and local authorities carry weight in the debate
Opposition from the land-based casino sector played a decisive role in the failure of the 2024 attempt. Casinos de France and the mayors of local authorities hosting such establishments, in particular, highlighted the issues relating to employment and local finances.
For its part, the National Gaming Authority points out that the decision rests with the legislature.
“The Authority’s role is to inform Parliament should the debate be opened. Such legalisation could only take place following a discussion by the legislature,” said Pascal Chevremont, chairman of the National Gaming Authority.
The change in casino ownership could, however, gradually shift the balance of power. Banijay Gaming already owns Betclic, whilst Novomatic and Merkur operate online casino or slot machine businesses in other European countries.
FDJ United is also reviewing its strategy
At the same time, FDJ United is reassessing some of its international digital operations.
In October 2024, the group finalised the acquisition of Kindred Group for €2.45 billion. The deal notably brought Unibet, 32Red and Relax Gaming into the fold, as well as a regulated digital presence in several European markets.
However, when it published its results for the first half of 2026 on 30 July, FDJ United announced a strategic review of its online betting and gaming operations. This could lead to divestments or withdrawals from certain markets.
In the first six months of 2026, the group’s gross gaming revenue stood at €4.314 billion, down 1.3 per cent. Its turnover fell by 4.5 per cent to €1.782 billion.
Its recurring EBITDA amounted to €404 million, with a margin of 22.7 per cent, whilst adjusted net profit reached €180 million.
The online betting and gaming businesses recorded stable gross gaming revenue of €702 million.
“The Group’s performance in the first half of the year continues to be affected by higher taxation, as well as by factors specific to the lottery business and the impact of exceptional heatwaves, which have dampened footfall at retail outlets in France,” said Stéphane Pallez, Chief Executive of FDJ United.