The French government has commissioned MP Eric Woerth to lead a comprehensive reform of the Urban Mutual Fund (PMU), aimed at revitalizing its operational performance and enhancing profitability. This reform, known as the "PMU 2030 Agreement," will focus on governance structure and financial framework, enabling PMU to independently manage financial reserves, enter the debt market, and retain profits, without having to distribute all earnings to its parent companies—the Horse Racing Management Organization SETF and France Galop.
This reform responds to recommendations from the French Financial Supervisory Authority (IGF) report, including reducing shareholder expenses, streamlining operations, and exploring non-gambling revenue sources. In 2024, PMU's betting amount was 6.6 billion euros, with total gambling revenue of 1.7 billion euros, a 2% decrease compared to the previous year, yet net income increased by 2%. Of the betting amount, 75% was used for prize payments, 8% went to France Galop and SETF, and 9% was remitted to the government.
The reform also aims to attract a younger audience and address the audience structure issues facing the horse racing industry. France Galop has planned to save 20 million euros by 2029 through cost reductions and further cuts in breeder, trainer, and stable fees.
Meanwhile, PMU is collaborating with Playtech to launch a new iGaming platform to expand revenue channels. Currently, PMU is seeking a new CEO, as the incumbent Emmanuelle Malecaze-Doublet will step down next month. Her tenure has been marked by tense relations with SETF, blocked account approvals, and public criticism of her leadership abilities.
