Bill to Boost Industry in New Jersey
New Jersey is home to numerous legendary racecourses such as Monmouth Park and Meadowlands Racecourse. This means that the state lures thousands of horses to its tracks to compete in prestigious horse racing events such as the Haskell Invitational, Meadowlands Breeders Cup Stakes and a variety of Standardbred harness racing events. Now a new bill that will improve the present wagering legislation will boost the industry in New Jersey even further, bringing positive change to horse racing.
The new legislation will not only improve horse racing but is also hoped to increase tourism in New Jersey, as the new law will allow for wagering outlets to be opened off the track. Racetracks will also be able to combine all the pari-mutuel betting pools before working out the payouts. Also, $30 million has been put aside for racing for the coming three years. These funds will be managed by the New Jersey Racing Commission. Senators Casagrande, Beck and Assemblyman O’Scanlan all supported Governor Christie’s decision, saying that the new legislation in bound to boost the racing industry dramatically.
Assemblyman Declan O’Scanlon commented: “I have always believed that revitalizing Atlantic City and saving the horse racing industry do not have to be mutually exclusive endeavors. I am very pleased that the Governor has signed two bills that will help horse racing survive through innovative and creative betting instruments. I also want to thank him for working with and listening to racing advocates such as myself as he plots an improved course for the gaming industry as a whole in New Jersey.”
Caroline Casagrande challenged her fellow colleagues to support the new bill saying: “Off track betting is also a critical component of the equation for a stronger horse racing industry, and I call on my colleagues to swiftly take up the changes recommended in the Governor’s conditional veto which are neither unreasonable nor a threat to the overall objective of the bill.”
Jennifer Beck spoke to the media in regard to her support, stating: “Horse racing is vital part of our regional economy and helps preserve significant amounts of open space in our state. Exchange wagering and pari-mutuel betting will help the industry adapt to a changing market and consumer preferences and lend a much needed boost to the racing industry’s revenues.”
With so much positivity surrounding the new legislation, it is believed that the horse racing industry will now only grow in success and development.