In a bid to shift the trajectory of the Pari-Mutuel Urbain (PMU), French MP Eric Woerth has been appointed to direct the firm moving forward.
Woerth brings significant experience within the French government, as a decorated MP in the country, he was the Minister in charge of France’s regulation of its online gaming and betting industry in 2010.
As a result of his new role, he will direct the project, called ‘Pacte PMU 2030’, that will see the group become a fully commercial entity that can use its cash reserves as it sees fit, access debt markets and not be required to pay all of its net profit to its parent companies SETF (France’s trotting body) and France Galop.
It comes off the back of news that the French Financial Inspectorate (IGF) underpinned the need for a reduction in the revenues that are paid to the group’s stakeholders and for those entities to cut costs.
In a bid to elevate its growth the group is looking to increase income from alternative sources, particularly looking at boosting its growth when it comes to fixed odds OSB and iGaming.
PMU operates a 75% pay out ratio, France Galop and SETF receive 8% of all horse racing stakes and the French state 9%. In 2024 the group recorded stakes of €6.6bn and GGR of €1.7bn, a 2% drop on 2023, although net revenues were up 2%.