Horse-racing bills advance to full state Assembly |
| Horse-racing bills advance to full state Assembly Posted: 25 Dec 2010 09:08 PM PST Horse-racing bills advance to full state Assembly Potential new revenue stream for purses at Monmouth Park, Meadowlands Alegislative package aimed at keeping the horse-racing industry at the Meadowlands in East Rutherford and Monmouth Park in the borough afloat has advanced to the state Assembly.The bills, which were approved and moved forward by the Assembly Regulatory Oversight and Gaming Committee, call for the creation of new revenue opportunities, which lawmakers hope will eliminate the racing industry's reliance on state subsidies. "This is certainly going to help us develop the beginning of what we hope will be a revenue stream that … will keep New Jersey racing alive," said John Forbes, president of the West Long Branch-based New Jersey Thoroughbred Horsemen's Association. Monmouth Park racetrack is designed for use by thoroughbred racers only. "We think that these are good measures that can contribute to some revenue stream for purses, which is essential," he added. One of the bills, A-3498, approved by the full Assembly on Dec. 13, authorizes Internet wagering by residents of eligible United States jurisdictions on in-state horse races. According to Sen. Jennifer Beck (R-12th District), the legislation will have a "substantial impact [on Monmouth Park]." Beck was a sponsor of the Senate's version of the off-track wagering legislation. "The biggest issue horse racing has is that its product isn't distributed well," Beck said. "In other words, if you want to wager on a horse race, you … need to go to the track or a casino. And so you don't have a lot of opportunities to participate in horse racing. "Off-track wagering [is] a way to raise a lot of revenue for the industry and indeed will lead to it being self-supporting. So that bill in particular is really critical to the industry and its future frankly," Beck said. The legislation still awaiting approval by the full Assembly includes the following bills that were passed by the Assembly Regulatory Oversight and Gaming Committee. If the Assembly speaker posts them, they will go to the full Assembly for approval. • Assembly bill ACR-167, which allows for wagering at Atlantic City casinos and horse racetracks on sporting events. • Assembly bill A-2570, which authorizes Internet wagering at Atlantic City casinos by state residents and persons located out of the country. A portion of the revenue generated through the Internet wagering will be allocated to the New Jersey Racing Commission for the benefit of the racing industry. That appropriation will lapse after one year. • Assembly bill A-3200, which permits racetrack permit holders to provide a single pari-mutuel pool for each running or harness horse race run • Assembly bill A-3531, which dedicates revenue derived from sales tax to provide incentives for the breeding and development of certain racehorses in the state. Forbes said he welcomes the bills that provide the racing industry with new revenue streams; however, he is on edge about the bill allowing sports betting at casinos and racetracks. "The sports betting issue seems to be something that the casino industry is interested in nationally, because they are, of course, at war with each other from state to state. "It's direct competition for the gaming dollar, and if racing receives a piece of that, then that would be good for racing. But if racing doesn't receive any revenue stream from a sports-betting scenario, … it would negatively impact us," Forbes said. Of particular interest to Forbes is a portion of the legislation that authorizes exchange wagering, which allows bettors to bet against each other on the outcome of a particular race at fixed odds. "We have seen the [exchange wager] model work well in Europe," Forbes explained. "It's a little bit of a mixed bag because we are not able to make a decent projection of what kind of revenue stream it will produce. "Exchange wagering," Forbes said, "is a little different in that the money doesn't go into a huge pool. It's a variant of parimutuel racing, but it is basically individual against individual." Monmouth Park currently offers parimutuel wagering, which allows bettors to bet against each other in a pool. The new legislation permits racetracks to provide a single pari-mutuel pool for each race run. However, while the legislation could help the racing industry, Forbes said, it does little to address one of its main problems. "The essence of our issue is that casino gaming in New Jersey has devastated the racing industry," Forbes said. "When [neighboring states] have legalized casino gaming, they have made sure that their racing industries receive a revenue stream, so that casino gaming and racing … would survive," he explained. "Those legislators recognized that the racing industry in those states was a vital industry." Yet Forbes said he is still thankful that the Legislature has begun looking into possible ways to save the state's racing industry. "Suffice it to say, we appreciate that the Legislature is cognizant of the fact that the racing industry is an over $1 billion industry, economic impact-wise to the state," he said. "Racing pays the state somewhere around $160 million of tax money … and since the state through the Sports and Exposition Authority runs racing, they have a shortfall in the operation of the sports authority. "But to do away with racing would lose the state $160 million of tax revenue," Forbes said. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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