Racing Industry Anticipates Growth As ‘Sports Bettors Wagered More In New Jersey Than In Nevada’

by | 07.16.2019 | 2:30pm
Monmouth Park Sports Book

Last Friday at Monmouth Park, reports legalsportsbetting.com, the New Jersey State Bar Association (NJSBA) held its annual “Day at the Races” meeting to take a look at the legal issues in the state's horse racing industry. The passage of SB 2992 in February 2019 dictates that horse racing will receive a cut of the sports wagering revenue as well as $20 million in taxpayer funding for each of the next five years.

“Less than one year [after the PASPA overturn], sports bettors wagered more in New Jersey than in Nevada which had a virtual monopoly on legal sports betting for more than 20 years,” said former New Jersey senator Ray Lesniak. “It took New Jersey less than a year to overcome that more than 20-year advantage.”

While specific numbers from the sports books aren't readily available, a 2019 Rutgers University study found that “there are already signs of investment in the horse breeding segment of the racehorse industry with an increase in the number of Standardbred stallions standing from 6 in 2017 to 15 in 2019.”

Read more at legalsportsbetting.com.

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