New Jersey: Proposed Budget Cuts $20 Million From Annual Purse Subsidy

News — Wed, 26 Aug 2020 19:07:54 +0000

Owing to revenue loss caused by the coronavirus pandemic, New Jersey Gov. Phil Murphy's proposed budget released on Wednesday includes multiple spending cuts. According to njonlinegambling.com, one of those cuts is to the annual horse racing purse subsidy that became law in February of 2019, in the amount of $20 million.

The purse subsidy, financed by slot machine revenue, is typically split evenly between Thoroughbred and harness horsemen, affecting Monmouth Park and harness tracks Meadowlands and Freehold.

The 2019 law was approved for $100 million over five years, at $20 million per year.

While 2020's subsidy has already been paid, there is still a lot of negotiating that may be done before the state budget is finalized in late September, so the purse subsidy may be revived for 2021.

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New Jersey: Proposed Budget Cuts $20 Million From Annual Purse Subsidy