The operator of PMU, a leading sports-betting company, has announced a financial support plan to help cafes and bars that sell PMU products. These venues were forced to shut down twice due to the COVID-19 pandemic, causing major cash flow problems and threatening their survival.
To assist these venues in quickly resuming their activities, PMU initially made €15m available to its retail network when the first lockdown was eased in May. This included doubling the commission paid out for customer stakes for a month and providing assistance to retailers in implementing government-mandated public safety measures.
After discussions with retailers, PMU has decided to increase its financial support to €23m. An additional €8m will be distributed to the 3,500 retailers that were closed during the second lockdown in November. This support will cover one month’s rent for the 1,500 retailers in greatest need and 50% of a monthly rent payment for an additional 2,000 retailers. Each venue will also be eligible for a grant of up to €2,500 from the operator.
PMU’s managing director, Cyril Linette, emphasized that this network support plan demonstrates solidarity toward the most affected café-bar partners. He acknowledged their challenging economic situation and highlighted their importance as part of the PMU team and the social bond they create through horse racing.
In November, France Galop, the governing body for flat and steeplechase racing in France, revealed that the industry was losing €15m per month under lockdown. If the lockdown is extended, it may hinder the increase of funding for trainers and racetracks in 2021.
