While gambling remains illegal on the Chinese mainland, Europe's largest horse-race betting operator PMU is keeping a close eye on China's emerging equestrian industry, hoping to gain first-mover advantage once there is any sign of the ban being lifted.

The recent growing interest in equestrian sports in China has prompted Philippe Germond, chief executive of the Paris-based betting operator, to frequently travel to various Chinese cities to promote the French business model of horse-race betting in a market he believes could be worth 100 billion euros annually ($136 billion) if legalized.

"If at some point in the future the Chinese government decides to legalize the betting on horse races, we can offer the French business model that may fit the expectations of the Chinese government," Germond told China Daily in a recent interview.