Continuing a commitment the state made in 2019 to annually subsidize horse racing purses, the law (A2610) directs the Legislature to include the $20 million appropriated this year in every state budget until June 30, 2029.

“This annual appropriation is a win for New Jersey’s horse racing industry, its employees, and our overall economy,” Sauickie (R-Ocean) said. “New Jersey racetracks and businesses that support the sport generate millions in economic activity. Helping to sustain their future is a smart investment.”

A recent study found that horse racing generates $564.3 million annually, supports 3,720 jobs and produces $75 million in tax revenues to the state.

Three New Jersey racetracks host horse racing: Freehold Raceway, the Meadowlands, and Monmouth Park.

“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 said.

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.

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%.