French government to give “greater strategic autonomy” to horseracing betting operator PMU
Member of Parliament Éric Woerth has been tasked with overseeing a comprehensive reform of Pari-Mutuel Urbain in a bid to revive performance.
France.- The French government has tasked Éric Woerth with spearheading a comprehensive reform of Pari-Mutuel Urbain (PMU), focusing on its governance and financial framework in a bid to rejuvenate performance. The MP, who served as minister for the budget, public accounts and the civil service from 2007 until 2010 will lead a reform initiative titled Pacte PMU 2030.
This initiative comes in response to a recent report from the French Financial Inspectorate (IGF), which recommended trimming stakeholder payouts and urged the operator to streamline operations, identify cost-saving opportunities and explore new sources of non-betting income.
The plan envisions transforming PMU into a fully commercial enterprise with the freedom to manage its financial reserves, tap into debt markets, and retain profits rather than distributing them entirely to its parent organisations, the trotting authority SETF and the thoroughbred horseracing body France Galop. The changes aim to provide PMU with “greater strategic autonomy” and enhance its profitability.
For 2024, PMU reported €6.6bn in stakes and €1.7bn in gross gaming revenue (GGR), a 2 per cent decline from the previous year. However, net revenue saw a 2 per cent increase. Of the stakes placed, 75 per cent go to payouts, while 8 per cent goes to France Galop and SETF and 9 per cent to the French government.
Despite employing approximately 40,000 people and holding cultural significance, France’s horse racing industry faces challenges in attracting younger audiences, a trend seen across mature markets. France Galop unveiled a cost-reduction strategy in May targeting €20m in savings by 2029. Starting next year, it will cut €20m in payments to breeders, trainers, and stables on top of a €10m reduction already implemented in 2024.
Meanwhile, PMU has partnered with Playtech for its new igaming platform in a bid to broaden its revenue base, The organisation is currently searching for new CEO, as Emmanuelle Malecaze-Doublet prepares to step down next month after three years in the role amid tensions with SETF, which withheld approval of company accounts and publicly criticised Malecaze-Doublet’s leadership.
