Horse race betting fans and operators alike are on the edge of their seats in the wake of the newly proposed law coming out of the Trenton Assembly this month. If the bill goes through, everyone will have a reason to celebrate—both customers and company officials alike—as the new bill will mean an influx of $100 million into New Jersey’s gambling and horse racing industry. The proponent of the bill, State Senator Paul Saro hopes that the Senate will understand how important the bill is since the horse racing industry currently rakes in $1.1 billion in annual revenue, all while employing only 10,000 people.
What Does the New Bill Bring?
The aim of the bill is to increase the number of horses, race tracks, and horse farms in New Jersey. The largest donation of $10 million will be granted to Monmouth Park. The Meadowlands Racetrack is expected to receive $6 million for horse purchases. As for the others, Freehold Raceway would get $1.6 million, while New Jersey Sire Stakes would receive $1.2 million. Although the figures seem impressive, the recipients will have to justify every single dime they receive. Also, every recipient will be under the obligation to file an annual report on the level of impact of subsidies such as amount bet, number of racing horses, etc.
A Help That Was Long Overdue
If $100 million seems a bit too much to be spent on racing horses and tracks, just keep in mind that this number is merely a slice of what horse racing owners receive in New York and Pennsylvania. However, New Jersey racing horse owners have learned how to deal with a lack of funds, so any help, no matter how small, makes a big difference.
