PMU H1 revenue drops despite Q2 growth in French horseracing

Pari mutuel urbain (PMU) has announced a 3% year-on-year decline in revenue to €4.76bn ($5.36bn) for the first six months of the year.

PMU

For H1 2019, PMU’s horseracing sector fell 2% to €4.4bn. Its French division performed the best, dropping 2% to €3.82bn, while international revenue declined 3% to €551m.

Sports betting and poker faced a steeper drop, falling 17% to €125m and 11% to €264m, respectively.

Despite the falls, Cyril Linette, PMU CEO, singled out the bettor initiatives it has implemented this year and described the second quarter of the year as "the first positive quarter since 2011."

During Q2, the operator generated revenue of €2.33bn, down 2%.   

Horseracing in France grew 0.5% to €1.88bn but dropped 5% internationally to €265m, accumulatively dropping 0.2% to €2.14bn.

Sports betting dropped 24% to €62m for the quarter and poker fell 11% to €127m.

Bertrand Méheut, Chairman of the Board of Directors, said: "The gradual improvement of the activity month-to-month confirms the strategic orientations adopted. 

"Nevertheless, the sustainable return to the growth of stakes, the only guarantee of the sustainability of the sector, depends on the ability of all actors to work together to improve operating costs and the offer of bets and races."

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