Holder of a Master’s degree from the Sorbonne, specializing in issues relating to Latin America, Mathieu Sauvajot first wrote articles dealing with the geopolitics and economy of this continent, before turning to the field of sport. He now works with the Observatoire du Sport Business.
Essentially, the budget of France Galop – namely the organization responsible for managing flat and obstacle races within France – comes from horse betting. In 2021, this was around 433 million euros; therefore, without being particularly impressive, especially when we note that in 2020 alone the total amount of stakes at PMU was 7.4 billion euros, of which 75% was returned to punters and 613 million euros to the Public Treasury.
Added to this are the broadcasting rights both in France and abroad, but above all sponsorship and sponsoring, which essentially concern the classics, that is to say the biggest races in the image of the Prix de Diane or the Arc de Triomphe. The first is financed each year by luxury brands, such as Hermès or Longines, the second is now financed by Qatar, which allows it at the same time to be one of the best endowed races in the world, with a total allocation of 5 million euros.
Paradoxically, if it is a sport with a particularly large public, if only with regard to the number of bettors, it is far from having the habit of going to racetracks, to the point that this a priori unavoidable source of income that is ticketing becomes almost secondary. Only a few large meetings still manage to get the crowds moving, but the truth is that most racecourses are usually so empty, especially on weekdays, that the staff present on race day in the provinces are actually volunteers.
If for many horse racing comes down to horses and their jockeys, the stakeholders are obviously more numerous, and the money collected depends directly on their status, but also on their performance.
Male and female, there are currently just over 500 professional jockeys in France, and their earnings can vary greatly. On one side is the elite, like Mickael Barzalona or Maxime Guyon, with a so-called “original equipment” contract with prestigious horse owners such as Godolphin and the Wertheimer brothers in this case, guaranteeing them both a comfortable income and the guarantee of riding the best horses of their respective employers.
But on the other hand, a significant part of the professionals does not actually have any contract, but a freelance status, their income thus depends exclusively on the winnings obtained during the races in which they participate. These are normally (because what was true yesterday is less and less so today) remunerated for each ride, but they also get a percentage of the allowance at stake (minimum 7% for professional jockeys, 3 .5% for apprentices) if they ever manage to rank among the top six, synonymous with gains.
Finally, come the most modest jockeys, employed by trainers because they have few opportunities to ride. Some are less talented, others simply less prominent because, alas, there are many called but few chosen.
As for the approximately five hundred trainers established in France, their income depends both on the owners with whom they work, as well as on the results of the horses they enter during the races. Each horse trained brings in a pension (generally ranging from €2,500 to €5,000 in the Paris region), financed by its holder(s), and in the event of good performance, a minimum of 11% of the allowance won is guaranteed to the one who leads.
On the other hand, the profile of the owners who are approximately six thousand in France, being able to own all or only a few shares in racehorses, is as varied as their number. The most famous often come from large families that have succeeded in business, like the Niarchos and the Rothschilds, or from great dynasties, such as that of the Aga Khan or even the King of England, who have both their colors and his stud. Some come from other sports, such as football, rugby, or even Formula 1, while others have no direct link with the racing world at first sight. The passion then far exceeded their financial means to the point that they preferred to come together in the form of cooperatives, in order to have the privilege of owning one or more racehorses.
Their income essentially depends on allowances won during races, ie around 75% of winnings, or even occasional bonuses, the amount of which is as modest as the conditions for obtaining them are complicated, if they wish to remain competitive. Fortunately, other possibilities exist, particularly in terms of breeding, because when a talented horse retires, it is then sent to a stud farm and breeding can bring in a lot of money. As an indication, the best French horse in this field in recent years is called Siyouni (Aga Khan Stud), it was necessary to count 140,000 € in 2022 in order to be able to obtain a yearling from this champion.
Finally, the sale and resale of racehorses is part of the game, to the point that it is not uncommon to realize a capital gain in the event of good performance, especially if ever a large owner absolutely wishes to see a specific horse run. under its colors. The prices vary enormously, but can sometimes reach several tens of millions of euros, like Fusaichi Pegasus, which sold $70 million at auction in 2000 thanks to its victory in the Kentucky Derby. However, this is of course a special case, the amounts are often more reasonable, namely a few hundred thousand euros in the event of victory in a Group I. Finally, let’s not forget that all the owners are not necessarily inclined to part with their proteges because before being a business, horse racing is a passion to the point that the prestige of victory will always prevail over money… or almost.