New Jersey Assemblyman Alex Sauickie’s bill extending state subsidies to support prizes for winning racehorses through fiscal year 2029 was sent to the governor’s desk on Friday. If signed, the assemblyman says it will help sustain the industry’s future in New Jersey and drive a strong economy.
The state budget adopted last June provided $20 million in horse racing purse subsidies. This bill (A2610) appropriates $20 million annually until June 30, 2029.
“In order to remain competitive in the horse racing industry and sustain the sport, New Jersey’s racetracks need to offer purses that are on par with our neighbors. Attractive purses allow owners to reinvest in the industry, bring in better horses and make New Jersey a top destination for horse racing,” Sauickie, R-Ocean, said.
Three New Jersey racetracks host horseracing: Freehold Raceway, the Meadowlands, and Monmouth Park.
In 2002, the average purse in New Jersey was $29,213. It is now over $50,000. Purses totaled $33 million in 2022. The United States offered its first million-dollar purse in 1981.
Under the bill, the New Jersey Racing Commission will equally divide the subsidy between the Thoroughbred and the Standardbred industries. Monmouth Park will receive 100% of the Thoroughbred purse subsidy. For the Standardbred subsidy, 60% will go to the Meadowlands, 16% to Freehold, and 12% will support New Jersey Sire Stakes purses, while bonuses for New Jersey sired horses and the breeders awards purses will each receive 6%.
“New Jersey racetracks generate millions in economic activity, employ our residents and contribute to our state’s bottom line. This is a smart investment,” Sauickie said.
A 2021 study found that horseracing generates $296.9 million annually, supports 1,890 jobs with $91.9 million in employee compensation and produces $41 million in tax revenues to the state.