New Jersey Legislators Pass Bills to Boost Horse Betting Industry with $20 Million Annual Subsidy

Both Assembly Bill A2610 and Senate Bill S3203, which propose to extend an annual $20 million subsidy to horse racing purses, received unanimous support in their respective votes last Friday.

Allocation of Funds

The renewed funding, drawn directly from the state’s general fund, will be evenly split between thoroughbred and harness racing. Specifically, Monmouth Park, a leading venue for thoroughbred racing, will receive $10 million to enhance its racing purses.

This financial injection aims to maintain competitive purses that attract high-quality horses and keep New Jersey’s racetracks competitive with other East Coast tracks.

Dennis Drazin, CEO of Monmouth Park, expressed his appreciation for the continued support from the state government, particularly highlighting Governor Murphy’s commitment to the industry.

He emphasized that this funding is crucial for maintaining high standards of racing in New Jersey and for attracting top talent to the state’s tracks. It’s important to note, however, that the subsidy is designated solely for racing purses and does not extend to operational support for the tracks themselves.

Development at Monmouth Park

The focus on improving racing purses coincides with significant developments at Monmouth Park, including the recent groundbreaking on a new in-person Caesars Sportsbook. This addition signifies broader efforts to enhance the overall racing and betting experience but operates independently from the subsidies aimed at the purses.

The financial backing is expected to have several positive outcomes for the horse racing industry in New Jersey. By ensuring competitive purses, the state aims to attract more participants and increase the quality of horse racing, which could lead to greater betting volumes and, ultimately, higher revenue from the sport.