SOREC

What SOREC does

SOREC (Société Royale d'Encouragement du Cheval) is a Moroccan Royal society created in 2003, operating under the supervision of the Ministry of Agriculture, Maritime Fisheries, Rural Development, Water, and Forests. It is the exclusive operator of pari-mutuel betting on horse races in Morocco, a mandate granted in 2007. The organization functions as the central coordinating body for Morocco's entire equine sector, overseeing horse breeding through 5 national stud farms and 35 reproduction centers, organizing racing across 7 racecourses (Casablanca, Rabat, Marrakech, Meknès, El Jadida, Settat, Khemisset), and operating over 3,000 races annually with 6,000+ anti-doping control samples per year. It serves individual horse racing bettors, horse owners and breeders, equestrian sports participants, and rural communities that benefit from the company's economic redistribution model.

The company's core technology is GAMMA Systems by SOREC, a proprietary central gaming totalizer developed entirely by SOREC with Moroccan technology partners (PCARD, INGENIUS, BROME) and launched in March 2022, replacing the Carrus Group's S3000 system. The platform records stakes, issues tickets, calculates odds and winnings, and manages winning tickets, processing over 1 million transactions per day (peaks above 100 transactions per second) and 150 million+ cumulative transactions since launch. The broader digital ecosystem includes the FARAS application for horse identification and registry across the horse life cycle, SOREC TV (live race broadcasting since 2016, distributed to 16 countries), the E-SOREC online betting platform (e-sorec.ma), and the SOREC Jeux App on Android and iOS. Training and professional development are delivered through the SOREC Academy (training ~20 jockeys/trainers annually) and the Marrakech Academy of Modern and Equestrian Arts (founded 2014).

SOREC's revenue model is structurally tied to pari-mutuel betting, where pools receive up to 70-80% redistribution to winners (two slightly different figures appear in the source data, with 80% stated as the primary redistribution rate), 10% dedicated to financing the equine sector and SOREC operational management, and 20% paid to the State. The company distributes through 23 dedicated sales agencies, over 800 partner outlets (cafés and tobacconists), 7 racecourses, premium flagship stores opened from 2022, and online/mobile channels. SOREC reports more than 600 collaborators working at the organization. Revenue is not publicly disclosed in available source materials. The 2023-2030 program contract with the Moroccan government structures the next phase of sustainable sector development.

Name

SOREC

Legal name

Société Royale d'Encouragement du Cheval (SOREC)

Website

https://sorec.ma

Company type

Private

Founded year

2003

Operating status

Operating

Short description

SOREC is a Moroccan Royal society and the exclusive operator of pari-mutuel horse racing betting in Morocco, managing 7 racecourses, 5 national stud farms, 35 reproduction centers, and a 800+ point-of-sale betting network serving individual bettors, horse breeders, and rural communities.

Ownership category

akta.pro rank

Product category

Horse Racing Betting and Equine Services

NAICS

Racetracks (711212), Horses and Other Equine Production (112920), Support Activities for Animal Production (11521)

SIC

Services-Racing, Including Track Operation (7948), Agricultural Prod-Livestock & Animal Specialties (200)

akta.pro primary industry

Racing Associations, Governance & Integrity Services (MPAEADAL)

akta.pro secondary industries

Training, Stables & Equine Services (MPAEADAI), Equine Veterinary, Welfare & Anti-Doping Services (MPAEADAJ), Equestrian Teams & Stables (Racing/Show Jumping/Eventing) (MPAKABAG), Horse Boarding, Livery & Stable Operations (AFAEAGAG)

Keywords

• Horse racing betting
• Pari-mutuel wagering
• Equine breeding services
• Horse stud farm management
• Equestrian sports organization

Headquarters

HQ city

Rabat

HQ country

Morocco

HQ region

Africa

Offices10 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Pari-mutuel Betting on Horse Races: SOREC has been the exclusive operator of pari-mutuel betting on horse races since 2007. The betting system pools stakes into a common pool redistributed to winners proportionally to their stake, up to 70%. The remaining 30% is distributed as follows: 20% to the State, and 10% dedicated to financing the equine industry and SOREC operational management.

Go-to-market motion2 records

Distribution channels6 records

Marketing channels5 records

Core offering

SOREC is the exclusive operator of pari-mutuel betting on horse races in Morocco, managing the country's complete equine ecosystem including horse breeding through 5 national stud farms and 35 reproduction centers, organization of over 3,000 annual races across 7 racecourses, and delivery of digital betting platforms (E-SOREC, mobile apps) supported by the proprietary GAMMA Systems totalizer. The organization also runs training academies for jockeys, trainers, and equestrian arts professionals, and redistributes betting profits to fund the broader equine sector and rural communities.

Product overview

SOREC (Société Royale d'Encouragement du Cheval) is Morocco's royal equestrian development organization serving as the exclusive operator of pari-mutuel betting on horse races. The organization manages a comprehensive equine ecosystem including horse breeding through five national stud farms, horse racing at seven racecourses, and gaming operations. The technology portfolio centers on GAMMA Systems by SOREC, a proprietary central gaming totalizer handling betting operations, complemented by the Faras application for horse identification and registry. Digital channels include SOREC TV for live race broadcasting, E-SOREC for online betting, and the SOREC Jeux App for mobile betting. Training and professional development are delivered through SOREC Academy for racing professionals and the Marrakech Academy of Modern and Equestrian Arts for equestrian arts.

Differentiator

Problem solved

Functional benefit

Brands

• GAMMA Systems by SOREC: Central gaming solution and totalizer system for horse racing betting, entirely created by SOREC with Moroccan companies
• Faras
• SOREC TV
• E-SOREC
• SOREC Jeux App

Products and services

• Horse Racing Pari-Mutuel Betting Exclusive pari-mutuel betting service on horse races available to consumers through 23 dedicated SOREC sales agencies, 800+ partner outlets (cafes and tobacconists), the E-SOREC online platform, and mobile applications, with 70% of stakes redistributed to winners, 20% to the State, and 10% to equine industry financing.
• GAMMA Systems by SOREC Proprietary central gaming totalizer solution that processes all horse racing betting operations including stake recording, ticket issuance, odds calculation, winnings calculation, and winning ticket management. Handles over 1 million transactions per day with peaks exceeding 100 transactions per second, having recorded over 150 million transactions since launch.
• FARAS Application Digital ecosystem application for horse owners and breeders to manage horse identification and registration across Morocco. All horses are registered in this system with identification documents that accompany each horse throughout its life cycle.
• E-SOREC Online Betting Platform Online betting platform for horse racing enthusiasts accessible at e-sorec.ma, enabling bettors to place wagers and follow race events from anywhere in Morocco.
• SOREC Jeux Mobile Application Mobile application for horse racing betting available on Android (Google Play Store) and iOS (Apple App Store) platforms, enabling consumers to place bets from mobile devices.
• SOREC TV Live Broadcast Platform Live broadcast platform for horse racing events, allowing enthusiasts to watch races in real-time and broadcast to 16 countries including USA, Netherlands, Germany, South Africa, UK, Ireland, Belgium, Denmark, Australia, New Zealand, Cyprus, Turkey, Sweden, Ivory Coast, Italy, and France.
• Horse Racing and Racecourse Operations Organization of over 3,000 horse races annually across seven racecourses (Casablanca-Anfa, Meknès, Marrakech, Rabat, Settat, El Jadida, and Khemisset), with 9 National Grand Prix Days and 10 international races, and an average of 12 starters per race.
• Horse Breeding and Stud Farm Services Comprehensive horse breeding services through 5 national stud farms (Bouznika, El Jadida, Marrakech, Meknès, and Oujda) and 35 equine reproduction centers across Morocco, supporting genetic improvement of Barb, Arab-Barb, Arabian, Anglo-Arabian, and Thoroughbred horse breeds.
• SOREC Academy (Horse Racing Academy) Equestrian training institution offering programs for jockeys and racehorse trainers, with around 20 candidates identified every two years for qualifying training. In 2022, SOREC launched an entrepreneurship module in partnership with UM6P.
• Marrakech Academy of Modern and Equestrian Arts Academy offering comprehensive training in modern and traditional equestrian arts including classical dressage, equestrian vaulting, and free work, promoting Barb and Arab-Barb horses as symbols of Moroccan heritage for national and international equestrian entertainment careers.
• Responsible Gaming Program Responsible gambling initiative including self-exclusion tools, betting limits, staff training, and awareness campaigns to prevent gambling addiction, supporting sustainable betting operations.

Quantifiable outcome

• 80% of pari-mutuel betting revenue redistributed to winners
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

15 partnerships are on record, tiered minor, core and flagship.

• EXPASA (Spain)minorStrategic or Co-development Partner · 1 October 2025Cooperation agreement signed with Spanish public enterprise EXPASA following the Hungary partnership, expanding international equestrian cooperation.
• Haras d'État de Szilvásvárad (Hungary)minorStrategic or Co-development Partner · 30 September 2025SOREC partnered with the Hungarian State Stud Farm to strengthen Franco-Moroccan cooperation in racing industry training and equestrian expertise exchange.
• UM6P (Université Mohammed VI Polytechnique)minorStrategic or Co-development Partner · 1 January 2022In 2022, SOREC launched an innovative program for trainers including an entrepreneurship module in partnership with UM6P, part of commitment to professionalizing the equine sector.
• PCARD, INGENIUS, BROMEcoreTechnology or Integration · 1 January 2022Moroccan technology companies that partnered with SOREC to develop GAMMA SYSTEMS by SOREC, a central gaming solution unique in Morocco processing 1M+ daily transactions.
• AMCBAB (Moroccan Association of Barb and Arab-Barb Horses)coreStrategic or Co-development PartnerAMCBAB is committed to promoting the breeding of Barb and Arab-Barb horses, which are reference breeds in Morocco. SOREC collaborates with AMCBAB on breeding competitions, equestrian rally events, and performance competitions for these breeds.
• ANAET (National Association of Equestrian Arts of Tbourida)coreStrategic or Co-development PartnerThe National Association of Equestrian Arts of Tbourida works to safeguard and transmit the intangible cultural heritage of Tbourida. SOREC supports this mission as part of preserving Moroccan equestrian traditions.
• ARMECPSA (Royal Moroccan Association of Breeders of Purebred Arabian Horses)coreStrategic or Co-development PartnerARMECPSA promotes the breeding of Purebred Arabian horses and organizes, in partnership with SOREC, the Model and Gaits competitions of the Purebred Arabian.
• ASC (Association du Salon du Cheval)flagshipGTM or Marketing PartnerASC organizes the Salon du Cheval, a major event in the Moroccan equine industry. SOREC is the official sponsor and contributes to the success of this event every year.
• FRMSE (Royal Moroccan Equestrian Federation)coreStrategic or Co-development PartnerFRMSE has been working since its creation to develop and promote Moroccan equestrian sports. SOREC and FRMSE are partners in organizing Tbourida competitions.
• SCH (Horse Racing Societies)coreStrategic or Co-development PartnerSCH are responsible for organizing races in various racecourses in Morocco. SOREC collaborates with SCH to guarantee the quality and integrity of horse races, ensuring the regularity of events and the well-being of participating horses.
• AFASEC (France)flagshipStrategic or Co-development PartnerSOREC has maintained a long-standing partnership with AFASEC for more than ten years. Discussions focused on sharing pedagogical practices, training of trainers, and development of 'races-espoirs' programs designed to support emerging talent in horse racing.
• African Lottery Association (ALA)flagshipStrategic or Co-development PartnerALA partners with SOREC to organize the Grand Prix d'Afrique, a prestigious African horse racing event that has become an unmissable occasion for horse racing enthusiasts and sector professionals.
• UAE President CupflagshipStrategic or Co-development PartnerSOREC organizes the UAE Moroccan Festival in partnership with the prestigious UAE President Cup (Gr3 PA), illustrating cultural and historical cooperation between UAE and Morocco in the equestrian world.
• Andalusian Foundation for Equestrian Arts (FERAAE)minorStrategic or Co-development PartnerSOREC and FERAAE signed a partnership agreement aimed at strengthening cooperation in the field of equestrian arts, promoting classical dressage, vaulting, and free work disciplines.
• Ministry of Agriculture, Maritime Fisheries, Rural Development, Water, and ForestscoreOthersSOREC operates under the supervision of the Ministry of Agriculture. The Minister chairs SOREC's Board of Directors.

Scale indicators16 records

Recent moves12 records

Expansion highlights6 records

Direct peers

• PMU (Pari Mutuel Urbain): France's national pari-mutuel betting operator on horse races, with which SOREC has a long-standing partnership through AFASEC. PMU is the most direct functional peer given the shared pari-mutuel model, betting retail network, and equestrian sector support mandate.
• Hong Kong Jockey Club: A statutory, not-for-profit organization operating the exclusive horse racing and pari-mutuel betting franchise in Hong Kong. Highly comparable to SOREC as a monopoly operator integrating racing, breeding support, and betting under a state-backed mandate.
• France Galop: France's horse racing governing body responsible for organizing races, regulating the industry, and supporting breeders. SOREC and France Galop share the dual role of racing authority and equine sector steward, and SOREC's partnership with AFASEC places them in direct operational coordination.
• The Jockey Club (UK): The largest commercial horse racing group in the UK, operating racecourses and governing the sport. Comparable to SOREC in racecourse operations and equine sector stewardship, though in a private/non-profit model rather than state-backed.
• British Horseracing Authority (BHA): The regulatory and governance body for British horse racing, overseeing integrity, licensing, and rules. Comparable to SOREC's role as racing governance authority in Morocco, with shared focus on integrity (anti-doping), welfare, and standards.

Broad incumbents

• Tabcorp Holdings: Australia's largest gambling and entertainment operator, running pari-mutuel and fixed-odds wagering on racing plus lotteries and media. Comparable to SOREC in operating regulated racing wagering infrastructure at national scale, though it operates across multiple gaming verticals.
• Singapore Pools: Singapore's state-owned and exclusive lottery and sports betting operator. Comparable to SOREC as a state-backed monopoly operator of legal wagering, though its focus is broader (lotteries, football, TOTO) rather than horse racing.
• Française des Jeux (FDJ): France's national lottery operator, historically state-owned and still majority-controlled by the French State. Comparable to SOREC in operating a regulated gaming monopoly under state oversight, though its core business is lottery rather than pari-mutuel racing.

Regional players

• African Lottery Association (ALA): Continental association of African national lottery and gaming operators that SOREC partners with for the Grand Prix d'Afrique. Comparable as a peer network for cross-border African gaming cooperation, though it is an association rather than an operator.
• Emirates Racing Authority: The official horse racing authority of the UAE, with which SOREC partners through the UAE President Cup. Comparable in operating regulated racing in a regional market and supporting Arabian horse breeds, though operating under a different regulatory framework.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SOREC