France Galop regulator is optimistic about the resumption of tourism in the country

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Regulator, France Galop is Optimistic about the Resumption of Turf in the Country
Foto: European Gaming

France Galop, the racing regulator in France, said that while revenues from racing bets fall year on year, it is optimistic due to the sector’s rise starting in June.

The growth has prompted horse racing betting operator Pari-Mutuel Urbain (PMU) to increase its profit forecasts for the entire year.

France Galop pointed out that on August 16, bets fell by almost € 1 billion compared to 2019, a drop of around 22%, with gross game revenue being € 335 million behind last year’s figure.

This is due to the suspension of French races on March 17 due to the pandemic of the new coronavirus. The resumption of the turf took place only on May 11.

However, as of June 1, the sector underwent a major upheaval. Every week since then, the bet has surpassed 2019 levels and beat the forecasts set by the PMU in April.

As a result, the operator increased its projected net income for 2020 to € 640 million. Although it is € 120 million behind its predictions before the pandemic for the year, it represents an improvement of € 182 million compared to the updated projections in the first half.

“Revenue forecasts remain very fragile as long as the virus is actively circulating, which has led directors to be cautious. In fact, the slightest interruption in activity can very quickly result in a loss of several million, ”said a representative for France Galop.

About France Galop

France Galop flight attendants ensure that the Galop Racing Code is applied to each race, even using various video resources. More than 12,000 checks a year are carried out to detect the presence of any prohibited substances in racehorses.

The agency fights doping and applies zero tolerance in terms of medication to any horse entered at the start of a race.