Pari Mutuel Urbain-majority owned German Tote has returned to growth and generated a net profit of Euro 1.2 million, turning around a loss of Euro 3.5 million in 2015 – the French gambling firm confirmed Wednesday.
The turnaround is attributed to the German Tote’s 2017 strategy in which the firm adapted French practises and formulas to the German market along with the utilisation of additional communication tools which it says delivered a new dynamic to the German horse racing market.
Stakes reached Euro 277 million in 2017 (2016: Euro 252 million) benefiting from a focus on French races.
Alain Resplandy-Bernard, Chairman of the Board of the German Tote, said:
“This performance was made possible by the complementarity and the effective collaboration of the German Tote and PMU teams. In addition, the launch of a sports betting offer supported by an effective, targeted and relevant promotional campaign, as well as the marketing of German races abroad helped to maintain the trend.
“These very positive results enabled the German Tote to provide a substantial support of € 1.95 million to the German racetracks.”
As part of its international development strategy, the PMU holds a 51 percent stake in the German operator.
The German Tote benefits from PMU’s power and expertise enabling it to boost activity, in turn the relationship has enabled PMU to strengthen its international presence.
PMU’s international partnership strategy has raised overseas stakes 10 percent to reach Euro 1.14 billion, or 12 percent of PMU’s turnover.