{"id":93877,"date":"2018-12-05T08:45:41","date_gmt":"2018-12-05T16:45:41","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=93877"},"modified":"2018-12-05T07:28:11","modified_gmt":"2018-12-05T15:28:11","slug":"meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/","title":{"rendered":"Sports Betting Boosts New Jersey Horse Racing But Industry Still Needs Lifeline from Legislature"},"content":{"rendered":"

Sports betting is thriving at Meadowlands Racetrack<\/a> and that\u2019s good news — for once — for New Jersey\u2019s ailing horse racing industry.<\/p>\n

\"Meadowlands\"
Meadowlands and New Jersey horse racing cannot rely on sports betting alone. A bill introduced to the state legislature would bring back subsidies for the underfunded racing industry. (Image: NorthJersey.com)<\/figcaption><\/figure>\n

On Friday, Meadowlands agreed a ten-year sports betting revenue-share deal with the Standardbred Breeders and Owners of New Jersey (SBOANJ) that will add an extra $1 million per year to racing purses.<\/p>\n

Meadowlands launched sports betting<\/a> in July and has quickly become the biggest retail betting outlet in New Jersey — and one of the biggest in the world, according to Paddy Power Betfair, which operates the sports book via its FanDuel brand.<\/p>\n

The Anglo-Irish betting giant said recently the outlet was handling $1.5 million in bets per day in October, thanks to its proximity to the MetLife stadium and location within the New York metropolitan area, which is the most populous area in the US.<\/p>\n

New Bill Would Bring $20 Million in Subsidies<\/strong><\/h2>\n

But Meadowlands owner Jeff Gural has warned that while sports betting will help the racing industry, the revenues it generates won\u2019t be enough to save it. That\u2019s why he\u2019s is putting his faith in a bill — introduced to the state legislature in August — that would subsidize New Jersey racing to the tune of $20 million per year.<\/p>\n

\u201cWithout [the subsidy], we are going to have to radically reduce dates and stakes next year,\u201d Gural told NJ Online Gambling<\/em> recently.<\/p>\n

New York gives its racing industry $200 million for purses and Pennsylvania gives $250 million, while we get nothing,\u201d he continued. \u201cOur purses are half of our competitors. But I am optimistic that the new [Governor Phil Murphy] administration understands the importance of horse racing to the economy \u2014 unlike the previous [Governor Chris Christie] administration that just wanted to save Atlantic City.\u201d<\/p><\/blockquote>\n

Casino Tax Breaks Breaking Horse Racing<\/strong><\/h2>\n

Pennsylvania and New York are able to divert money into racing because they tax their casino highly — 54 percent and 37 percent on slots, respectively. By contrast, New Jersey casinos are taxed at just over 9 percent.<\/p>\n

There was a time when the tracks received $30 million a year in subsidies from Atlantic City casino revenue, but that was in pre-recession days when Atlantic City was thriving — before it had to contend with competing casino markets in abutting states.<\/p>\n

The bill would provide the horse racing industry with a $100 million over five years, with $6 million a year going to Meadowlands, $1.6 million for Freehold Raceway,\u00a0$10 million for Monmouth Park, and $2.4 million for breeder awards and stakes bonuses.<\/p>\n

\u201cHopefully everything just snowballs, and we get the Meadowlands Racetrack back to where it used to be,\u201d SBOANJ president Mark Ford, told\u00a0NJ Online Gambling <\/em>this week<\/em>.<\/em> \u201cWe\u2019re picturing a resurgence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Sports betting is thriving at Meadowlands Racetrack and that\u2019s good news — for once — for New Jersey\u2019s ailing horse racing industry. On Friday, Meadowlands agreed a ten-year sports betting revenue-share deal with the Standardbred Breeders and Owners of New Jersey (SBOANJ) that will add an extra $1 million per year to racing purses. Meadowlands […]<\/p>\n","protected":false},"author":36,"featured_media":93880,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,14577,1074],"tags":[],"acf":[],"yoast_head":"\nMeadowlands Sports Betting Boosts New Jersey Horse Racing Industry<\/title>\n<meta name=\"description\" content=\"Meadowlands and Standardbred Breeders and Owners of New Jersey agree $1 million sports betting revenue-share deal but a bill that would add $20 million in subsidies to the industry is still a must, says Jeff Gural.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Meadowlands Sports Betting Boosts New Jersey Horse Racing Industry\" \/>\n<meta property=\"og:description\" content=\"Meadowlands and Standardbred Breeders and Owners of New Jersey agree $1 million sports betting revenue-share deal but a bill that would add $20 million in subsidies to the industry is still a must, says Jeff Gural.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-05T16:45:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-12-05T15:28:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/12\/meadowlands-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1344\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/\",\"url\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/\",\"name\":\"Meadowlands Sports Betting Boosts New Jersey Horse Racing Industry\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/12\/meadowlands-scaled.jpg\",\"datePublished\":\"2018-12-05T16:45:41+00:00\",\"dateModified\":\"2018-12-05T15:28:11+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"Meadowlands and Standardbred Breeders and Owners of New Jersey agree $1 million sports betting revenue-share deal but a bill that would add $20 million in subsidies to the industry is still a must, says Jeff Gural.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/meadowlands-sports-betting-boosts-new-jersey-horse-racing-industry\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/12\/meadowlands-scaled.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/12\/meadowlands-scaled.jpg\",\"width\":2560,\"height\":1344,\"caption\":\"Meadowlands and New Jersey horse racing cannot rely on sports betting alone. A bill introduced to the state legislature would bring back subsidies for the ailing racing industry. 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He currently focuses his coverage on gaming law, white-collar crime, global money laundering, tribal gaming, politics, and regulation. Philip was the original features editor for poker\u2019s Bluff Magazine and editor for Bluff Europe, which he helped launch. His writing has also been featured in ESPN, Forbes, Time Out, The Sun, and The Daily Star, as well as iGaming Business, eGaming Review, and numerous other industry news and tech websites. His news stories for Casino.org\/news have been linked by The Washington Post, The Daily Mail, People Magazine, and Jimmy Fallon's Tonight Show, among many others. Philip once won $20,000 with 7-2 off-suit. He has been reprimanded for unwittingly playing Elton John\u2019s piano on two separate occasions on both sides of the Atlantic. He became a writer because he is a lousy pianist. Philip lives outside London with his wife and children, where he spends his time agonizing about Arsenal FC. 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A bill introduced to the state legislature would bring back subsidies for the ailing racing industry. 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