The institution of races

The race institution brings together five main organisations, including the French Horse Breeding Incentive Society and France Galop, which respectively organise the trot and gallop races and manage the main racetracks. These two parent companies formed the EIG Parimutuel Urban (PMU) to collect bets and distribute the winnings. The challenges managed are considerable: the PMU collected EUR 9.1 billion in 2017, including EUR 7.9 billion placed by French bettors, EUR 793 million by international professional bettors and EUR 354 million by other international bettors, to which must be added EUR 856 million in sports betting and online poker. Since the beginning of the 2010 decade, the institution of races has experienced a significant decrease in its resources due to the increasing competition suffered by horse betting in the gaming market. Failing to implement the necessary reforms, the institution faces a deteriorating financial situation, despite increased state support. The relevance of the monopoly it enjoys for the organisation of horse betting can be questioned. This report is available on [the Court’s website] (https://www.ccomptes.fr/fr/publications/linstitution-des-courses). The published files correspond to the data used in the preparation of the report.