PMU returns to growth on strength of modernisation strategy
Online revenues climb 7% as tote operator targets more recreational bettors
French operator PMU has hailed a return to growth for the first three quarters of 2017, with GGR up 0.8% to €1.8bn in the period.
The firm said it was seeing the first benefits of its PMU 2020.1 modernization plan, with online revenues up 7%, although no specific total was given.
“The financial results for the first nine months of the year confirm that the PMU has returned to growth,” said Xavier Hürstel, chairman and CEO of the PMU.
“The strategic choices made over the past two years are bearing fruit, although efforts must continue. There is no inevitability, the decline of the horse industry can be reversed.
“All stakeholders must work in the same direction to implement this recovery strategy.”
The operator pointed to recent innovations such as its Simple Jackpot game and Hipigo.fr site, which caters to novice racing bettors, as reasons behind its growth.
Total horseracing revenues climbed 0.5% to €1.75bn, while sports slipped 8% to €32m and poker climbed 5% to €12m.
PMU, which runs the French tote equivalent, has pledged to return its profits in full to the French racing industry.