French Prizemoney Increase For 2022

Prizemoney in France is set to rise to €278-million next year, returning to the equivalent levels of 2017. The proposed increase means that prizemoney will be up €20-million (7.75%) from 2019, and €30-million (+12%) from 2021. The increase can be attributed to a growth in PMU net contribution to €820-million–the first time since 2015 that its contribution has risen above €800-million, and up €60-million on 2019–thanks to a growth in betting turnover, sustained international expansion and a drop in PMU expenditures, as well as France Galop's rebounding commercial revenue.

France Galop's 2022 budget plan was submitted during a Monday board meeting, and will be formally approved at a committee meeting on Dec. 13.

It was also revealed during the board meeting that France Galop expects a positive net result of €6-million for the current financial year, with connections of horses still affected by prizemoney deductions amid the pandemic to be paid those deficits at the beginning of 2022. Total French prizemoney in 2021, therefore, is expected to be €248-million, down 4% from €258-million in 2019. The PMU will contribute €740-million to prizemoney in 2021, with its business improving significantly upon the re-opening of betting shops, and aided by the efforts of both the PMU and France Galop to reduce costs during the pandemic.

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France Galop To Redistribute €15-Million in Prizemoney; Plans For Mar. 1 Cut

Due to a better-than-expected profit margin generated by the PMU in November and December, France Galop will redistribute €15-million in prizemoney and premiums for races between May 11 and Dec. 31, 2020 that experienced purse cuts. Prizemoney in France dipped by 20% in 2020. The redistribution will take place this week, and France Galop has added a special condition to races taking place from Jan. 28 through Feb. 9 that ensures the additional earnings don't preclude horses from races that they're currently being declared for.

With PMU outlets in cafes and bars forecast to be closed potentially until June, France Galop is projecting a 25% drop in betting turnover for 2021. Prizemoney will be paid out in full in January and February, but from Mar. 1 onwards prizemoney and premiums will be cut in anticipation of losses. France Galop's objective remains to redistribute the amounts initially withheld at a later stage. The severity of purse cuts will be decided during the second half of February and will be applied in linear fashion to all races, but will not affect transport allowances. France Galop projects the cuts could be in the region of 15%.

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