Armenian Deal for PMU

A new agreement has been closed by French gambling firm Pari Mutuel Urbain (PMU), bringing the company to the Armenian market. Namely, based on a cooperation deal inked with the National Equestrian Federation of Armenia (FEA), PMU will help develop horse racing in the Country via its affiliate Pari Mutuel Armenia (PMA). In line with the agreement's provisions, PMA will develop a horse racing betting system in Armenia of which three percent of the overall proceeds will be allocated to race organisation and ten percent to FEA. According to Hayrapet Hayrapetyan, president of The National Equestrian Federation of Armenia, the agreement will become a formal contract by no later than January 2013. He also added: "This is the first phase for the development of the sport [in Armenia]. As a result, we will have horses, financial investments [to], and development of equestrian sports [in the country].”