PMU’s first-half 2025 update shows another small decline in its retail horse-racing network but a steadier picture online. The French betting operator continues to navigate changing habits between shop and digital channels. The PMU H1 2025 results also confirm slower stakes overall despite some stability in the second quarter – see more details:

• Total stakes  reached EUR 3.22bn, down 4.2% from H1 2024. Q1 stakes fell 5.5%, while Q2 eased by 3%, showing a slight improvement toward mid-year.

• Gross gaming revenue (GGR) stood at EUR 830m, a 2.6% decline year-on-year from EUR 853m. Both Q1 (-4%) and Q2 (-1.3%) contributed to the dip.

• Physical horse-racing stakes dropped 4%, but online wagers rose 1%, marking another small shift toward digital betting within PMU’s overall base.

• PMU’s French market share (excluding casinos and gaming clubs) came in at 12.6%, two points lower than the online sports betting segment, reflecting continued pressure from digital competition.

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