Date
23 October 2017

France horse-race betting firm eyes China market, paper says

Europe’s largest horse-race betting operator PMU is keeping a close eye on China for signs that the country will lift its ban on the sport, hoping to gain first-mover advantage in a market that it says could be worth 100 billion euros (US$136 billion) annually, China Daily reported Friday. Philippe Germond, chief executive of the Paris-based company, frequently travels to various Chinese cities to promote the French business model, the report said. In France, about 80 percent of the funding for the horse-racing industry comes from betting revenue, and PMU’s entire net profit goes to the financing of the sector, including breeding, training and organizing races, Germond was quoted as saying. The company is also willing to transfer to China the technology that manages and monitors 12,000 betting outlets across France in real time and processes billions of transactions on a yearly basis, the report added.

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CG

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