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Codey Legislation To Assist Racetracks Signed Into Law

Bills Allow Racetracks to Handle Greater Variety of Wagers & Establishes Exchange Wagering

TRENTON – Legislation sponsored by Senator Richard J. Codey (D-Essex) that will assist racetracks by allowing them to handle a greater variety of wagers was signed into law today.

The first bill, S-2229, will allow racetracks to combine all wagers placed on the results of one or more runnings or harness horse races into a single pari-mutuel pool. By creating larger pari-mutuel pools, racetracks can handle a greater variety of wagers and reduce the adverse effect of large pay-outs to the racetrack’s bottom line.

“Large payouts are good things for bettors but can have a crippling affect on the racetrack industry, and this legislation will help prevent that by allowing tracks to combine wagers into a larger pool,” said Codey. “This is a responsible way to keep our racetrack industry stable and ensure it remains a vital part of our economic well being.”

The second bill, S-829, will authorize the New Jersey Racing Commission to issue a license to the Sports and Exposition Authority to establish an exchange wagering system in New Jersey. Under the new system, which will allow New Jersey residents who are at least 18 years of age to open an account, bettors will be able to set up exchange wagering accounts, and two or more bettors will be able to place directly opposing wagers on the outcome of a horse race or races.

“The horse racing industry provides nearly $1 billion in economic activity plus thousands of jobs and acres of open space to the state,” said Codey. “New Jersey simply cannot afford to lose all that. These two measures will allow us to retain those benefits and help keep horse racing vibrant in the state.”

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