TRENTON – The Senate today approved a bill, sponsored by Senator Barbara Buono, to modernize New Jersey’s horse wagering industry and make it competitive with other states.
“It’s clear that New Jersey’s horse horse racing industry has to be competitive with our neighboring states and it has to be compatible with modern technology,” said Senator Buono, Chair of the Senate Wagering, Tourism & Historic Preservation Committee.
Senator Buono’s bill, S-2763, is designed to facilitate off-track betting, simulcasting and account wagering. It passed 37-0 and now goes to the Assembly.
Specifically, the bill would:
– Allow for wagering on future race dates, a popular alternative in some states to returning bet money when a horse “scratches,” or does not run in a race.
– Lower minimum wagers to facilitate exchange rate issues brought about by international betting and betting over the Internet.
– Impose a three-year time limit for cashing in winning tickets after which the uncashed vouchers would be split with half going to the track and the other half going toward future purses.
– Allow bets on simulcasted races without requiring tracks to be open and displaying live video of the races.
– Empower those who lose their winning ticket stubs to collect on their bets because advances in technology can often identify winning bettors.
– Authorize non-residents to open wagering accounts provided they are physically in the State at the time of placing bets.
“The future success of horse racing depends on adapting it to the advancements in technology which enable people to gamble on races anywhere in the world from anywhere in the world,” said Senator Buono. “