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French Prize Money Increased For 2022; Returns To 2017 Levels

Prize money in France is set to rise to €278 million (about US$313 million) next year, returning to the equivalent levels of 2017.

This level of prizemoney would mean a return to the equivalent level of 2017, as in 2018 France Galop had to implement a reduction in prizemoney. This budget represents an increase of €20M (+7.75% vs. 2019) and €30M (+12%) compared to 2021.

The increase is primarily due to growth in PMU (the third-largest pool betting service globally) net contribution to €820-million, the first time since 2015 that number will rise above the €800M mark. The contribution is up €60M compared to 2019, thanks to a return to growth in betting turnover in France, a sustained international expansion and a significant drop in PMU expenditures (-€40M compared to 2019).

Discussing the 2021 levels, France Galop said: “The limited erosion of 2021 prize-money is the result of the good resumption of betting activity since the reopening of betting shops, as well as the constant efforts made by the PMU and France Galop to reduce their costs.”

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.

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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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France Galop to Redistribute Purses for Some 2020 Races

All races in France since May 11, 2020 which carried a reduced purse due to the COVID-19 pandemic will receive part of their original prizemoney back in the second half of January, France Galop announced on Monday. At the end of 2020, France Galop’s funding budget was €185 million instead of €248 million, a 25% decrease due to the two-month period racing ceased in France during the first French lockdown. In August, the France Galop Board of Directors determined that a positive funding result-if there was one–at the end of the year should be redistributed in the form of incentives to partially compensate for the decrease applied from May 11. The expected amount of excess funding is supposed to be greater than €8 million, but France Galop and the PMU are still confirming the amount. The prize money that will be available for each race will increase exactly the same amount in any race, with premiums to owners and breeders also increased. The annual closing of the professional accounts is scheduled for Jan. 12 and then France Galop must proceed to invalidate more than 3200 races before recalculating the allowance and bonuses on all of the affected events. This revaluation of all race winnings will replace the annual revaluation of the owner premium. For more information, please visit www.france-galop.com.

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