Legislation authored by state Sen. Vin Gopal (D-Monmouth) and Sen. Paul Sarlo (D-Bergen and Passaic) that would provide support for racetracks and the horse breeding industry in New Jersey was approved by the Senate Budget and Appropriations Committee on Dec. 10, according to a press release.
The bill, S-2992, would provide an annual appropriation of $20 million for five years to the New Jersey Racing Commission to be used for horse racing purse subsidies and track operations, allocating the amounts equally between the thoroughbred and standardbred industries. In addition, revenue from sports betting at the tracks will be shared with the breeders and owners, according to the press release.
“This will be a huge help for the horse racing industry that is an important part of New Jersey’s heritage and culture and a key source of jobs and economic activity,” Gopal said. “There are tens of thousands of jobs impacted directly or indirectly by the racing industry, including the long-term survival of Monmouth Park” in Oceanport.
The industry supports 13,000 jobs directly and preserves 176,000 acres of open land in the state, according to the press release.
New Jersey’s horse racing industry has experienced a variety of struggles since the decline of the Atlantic City casinos, including the loss of a $17 million annual subsidy paid by casino gaming supplements. Other states have been able to maintain their supplements and enhanced purses, putting New Jersey’s racing industry at a disadvantage, according to the press release.
“Sports betting offers the opportunity to reinvigorate casino gaming and the state’s racetracks,” Sarlo said. “This bill would have sports betting tax revenue generated at racetracks help support purse subsidies, which are vital for the success of the individual tracks, the horseracing sector and the horse breeding industry in New Jersey.”
The purse subsidy would also enable the tracks to hold more races, according to the press release.
Of the funds allocated to the thoroughbred industry by the bill, 100 percent would go to Monmouth Park overnight purses, according to the press release.
Of the funds for the standardbred industry, 60 percent would go to Meadowlands overnight purses, 16 percent to Freehold Raceway overnight purses, 12 percent to the New Jersey Sire Stakes purses, 6 percent to purse bonuses for New Jersey sired horses and 6 percent for breeders awards purses, according to the press release.
