PMU-BetMakers: a game-changing agreement  

PMU has taken a new step forward in its international expansion. The French operator has entered into a multi-year partnership with BetMakers Technology Group to boost the distribution of French races through fixed-odds horse racing betting.  

Fixed-odds betting opens up new markets for PMU  

With over €9 billion in annual horse racing turnover, PMU – which operates BeCasino in Belgium – ranks among the world’s leading players in pari-mutuel betting. However, this strength alone is not enough to guarantee the distribution of French races abroad.  

The problem stems in part from the betting model. In many international markets, punters and operators primarily use fixed-odds betting. PMU has therefore chosen to adapt to local practices rather than seeking to impose its traditional model. The partnership with BetMakers should enable the French operator to offer international players a fully integrated fixed-odds horse racing betting service.  

BetMakers provides its technological infrastructure  

BetMakers Technology Group provides odds-setting solutions and infrastructure for horse racing betting. In particular, the company has renewed its partnership with the UK Tote Group until June 2029. Its Quantum software is used to manage betting at British and Irish racecourses. 

BetMakers also works with the data provider SIS. This collaboration covers, in particular, the management of odds data relating to its international racing offering, as well as the Racelab pricing models and the automated Price Manager tools. These technologies help to generate odds for thousands of races every week.  

PMU has therefore chosen to integrate with an existing technological infrastructure rather than building all the tools necessary for its development in the fixed-odds market on its own.  

Why is fixed-odds betting so important?  

In France, horse racing betting is based on the pari-mutuel system. The sums staked by punters are pooled into a common fund. After deductions, this sum is redistributed amongst the winners in proportion to their stakes. The final payout therefore depends on the amount and distribution of the stakes, which means that the exact winnings are only known once betting has closed.  

With fixed odds, the logic changes. The bookmaker offers a price at the moment the punter places their bet. This price is then guaranteed, regardless of any bets placed by other punters afterwards. The punter therefore knows their potential winnings immediately. This simplicity goes a long way towards explaining the popularity of fixed odds in sports betting. 

A model that is easier for players to understand  

Fixed odds do, however, offer a significant advantage in terms of clarity. As soon as the player confirms their bet, they know the potential amount they stand to win.  

Betting pool requires a greater familiarity with how it works, as the odds can change right up until the betting window closes. This difference can be particularly significant when it comes to attracting punters accustomed to fixed-odds sports betting.  

Renewing the betting population is precisely a challenge for the horse racing industry. A mechanism that displays the potential winnings immediately can serve as a further argument in favour of accessibility.  

PMU prefers to adapt to local practices  

For Aymeric Verlet, PMU’s international director, the partnership forms part of the group’s international development strategy. The aim is, in particular, to showcase French races in the best possible light in markets where fixed-odds betting is already well established.  

Historically associated with pari-mutuel betting, PMU is willing to adopt a different model here when market conditions so require. This does not, however, mean abandoning pari-mutuel betting in France. The partnership with BetMakers is aimed at international markets.  

Why change in France would remain complex  

Simply importing the international model into France would not, however, be possible under the current framework.  

Pari-mutuel betting contributes to a specific economic balance and to the redistribution of resources to the horse racing industry. Fixed-odds betting operates on a different mechanism: the operator directly assumes the risk associated with the bets.  

Any potential change in France would therefore require significant regulatory changes and would necessitate a rethink of the economic balances involved in the funding of races, racecourses and breeders.