Assemblyman Wants NJ To Spend An Extra $5M On Horse Racing Prizes

ESSEX COUNTY, NJ — A state assemblyman wants New Jersey to spend an extra $5 million to beef up horse racing prizes in an attempt to expand the industry.

On Monday, the Assembly Tourism, Gaming, and the Arts Committee approved a bill sponsored by Ralph Caputo of the 28th district. If it becomes law, the bill (A-6024) would provide $5 million in supplemental funding to the New Jersey Horse Racing Commission for horse racing purse subsidies, raising the current fiscal year total from $15 million to $20 million.

The 28th district includes Bloomfield, Glen Ridge, Irvington, Newark and Nutley.

According to a statement from the assemblyman, “because of federal funding from the American Rescue Plan and the increased revenue from our recovering economy,” New Jersey will be able to add the supplemental funding and support the $20 million annual appropriation for racing purse subsidies established by the legislature in 2019.

The bill now heads to the Assembly speaker for further consideration.

Caputo, the committee’s chair, said that horse racing is “reemerging in New Jersey” and reestablishing its pre-pandemic success.

“New Jersey’s economy continues to recover and we now have federal funding to further support the industry’s needs,” Caputo said. “With this measure, will be able to help our tracks conduct the races we enjoy and empower our horse racing industry so it can flourish.”

• See related article: NJ Assemblyman Praises New Law Protecting Racetrack Winnings

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