France’s Pari Mutuel Urbain (PMU) details confidence in its ‘revitalisation programme’ reporting consecutive growth quarters for its racing vertical.
Updating PMU stakeholders this week, Chief Executive Cyril Linette revealed that French racing wagers during Q2 and Q3 trading had consecutively grown by 0.5% to €1.9 billion, an outcome that the PMU last witnessed in 2011.
Despite a tough opening to 2019 racing (-3.4%), with the PMU reducing its race schedule and revamping its ‘Quinte+ pronostic’ product, PMU governance estimates that French racing will be delivered at -1% wagering for 2019 trading.
“This is proof that the strategy put in place is bearing fruit despite a reduction in supply (-20% of races), even if we do not end the year in growth, for six months we have shown real growth, which is of great satisfaction” Linette detailed to PMU stakeholders.
Under Linette’s guidance, at the start of 2019, the PMU launched its ‘revitalisation programme’ approved by the operator’s core shareholders of France Gallop and Le Trot Francais.
Fighting year-on-year declines for French racing, Linette has chosen to refocus the PMU as a French betting enterprise, disposing of its international racing assets and ending further diversification activities.
Q3 saw PMU launch its nationwide advertising campaign, promoting its revamped Quinte+ pronostic pool betting system to the wider French public, a key directive outlined by Linette at the start of the year.
In its latest update, PMU governance details that it anticipates delivering €55 million in cost savings during 2019.
Closing his statement, Linette detailed that PMU governance was reviewing France’s 2020 racing schedule, seeking to reintroduce 4% of races which had been postponed this year.