Aging customers, competition from sports betting... This PMU crisis is weakening the entire horse racing industry

Excitement in the stands, horses prancing: races are taking place one after the other in the equestrian world this season, each one more chic than the last. After the Grand Steeple-Chase de Paris at Auteuil in late May and the Prix de Diane at Chantilly in mid-June, the Grand Prix de Saint-Cloud takes place this weekend. This will be followed by the Deauville meeting in August and the yearling sales. The weather is an invitation to visit the racetracks, where the palette of greens offers a lovely contrast with the colors of the jockeys' jackets. A picture-postcard landscape... only on the surface.

Behind the scenes, the atmosphere is electric. The future of the horse racing industry is getting darker with each passing year. Employing 40,000 people—all activities combined—across the country, the industry also boasts a network of 15,000 volunteers. For years, its revenues have been declining. Without an effective recovery plan, an entire ecosystem risks collapse, one that provides an annual contribution…