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02-01-2019, 10:17 AM
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#1
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Registered User
Join Date: Sep 2008
Posts: 361
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NJ Assembly Approves $10 Million Annual Purse Subsidy
When I started reading this, I'm thinking this is a taxpayer subsidy to the rich owners like funding a public sports stadium. Turns out its gov't sponsored\sanctioned extortion:
'Purse supplements, derived from payments from Atlantic City casinos in exchange for the racing industry not pursuing casino-style gambling, had previously been in place in New Jersey but were ended under former governor Chris Christie.'
I'm guessing the gov't has some administrative 'costs' (takeout) for overseeing this. Why not just pass off bags of cash with boxing gloves included (too soon?)?!?
https://www.bloodhorse.com/horse-rac...-purse-subsidy
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02-01-2019, 11:22 AM
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#2
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Registered User
Join Date: Jul 2013
Location: Seattle
Posts: 3,943
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79 foals in 2016!!!!
That'll be the litmus test right there. NJ must get it's annual foal drop up fast to keep the money coming, as the state can cut it off anytime they feel it's not encouraging the industry to grow and/or expand.
Do they still write state-bred races at Monmouth?
"Farm Preservation". That could get the public behind it somewhat, I'd think. Never been to NJ, but I'd think they've got enough cement and strip malls to make "farm preservation" sound quite environmentally friendly.
Last edited by ultracapper; 02-01-2019 at 11:24 AM.
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02-01-2019, 11:22 AM
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#3
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Registered User
Join Date: Feb 2014
Posts: 4,520
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Its a great day for horse racing in Jersey.
Jersey is going to subsidize Monmouth, Meadowlands and Freehold purses once again for the next 5 years
Much needed boost to racing in Jersey.
1. Purses will go up
2. more racing dates
Allan
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02-01-2019, 11:28 AM
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#4
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Registered User
Join Date: Feb 2014
Posts: 4,520
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Quote:
Originally Posted by ultracapper
79 foals in 2016!!!!
That'll be the litmus test right there. NJ must get it's annual foal drop up fast to keep the money coming, as the state can cut it off anytime they feel it's not encouraging the industry to grow and/or expand.
Do they still write state-bred races at Monmouth?
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racing has been choking in Jersey for a while.
now with new revenue streams they can continue to race.
and yeah the upcoming years down the road foal crop for Jersey will tell the tale.
79? Thats pitiful.
and yes they still write state bred races (although obviously not a lot)
Allan
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02-02-2019, 09:43 AM
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#5
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Registered User
Join Date: May 2005
Posts: 930
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Did this have to do with the sports betting revenues being more promising as we move ahead? NJ is a mess as a state.
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02-02-2019, 10:00 AM
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#6
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,467
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Bottom line, the racing is not good enough to sustain itself.
__________________
Who does the Racing Form Detective like in this one?
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02-02-2019, 10:03 AM
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#7
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Registered User
Join Date: Feb 2014
Posts: 4,520
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Quote:
Originally Posted by LemonSoupKid
Did this have to do with the sports betting revenues being more promising as we move ahead? NJ is a mess as a state.
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Well meadowlands doing a lot better than Monmouth.
Monmouth had 12,000,000 in profits from sports betting in 2018
Meadowlands had 31,000,000.
Sports betting has helped and along with the purse subsidy things are looking up.
Allan
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02-02-2019, 10:09 AM
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#8
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Registered User
Join Date: Feb 2014
Posts: 4,520
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Quote:
Originally Posted by Tom
Bottom line, the racing is not good enough to sustain itself.
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The current way of doing things (massive rebates of large bettors and no rebates for small bettors) sure isn’t sustaining the business model.
Extra money must come from other sources.
In jersey it will be from sports betting and state subsidies.
Allan
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02-02-2019, 10:12 AM
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#9
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,467
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I know. Welfare.
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Who does the Racing Form Detective like in this one?
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02-02-2019, 11:27 AM
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#10
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Registered User
Join Date: Jul 2009
Location: NJ
Posts: 3,816
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Quote:
Originally Posted by Tom
I know. Welfare.
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Not any different than all the tracks surviving on slot machine revenue.
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02-02-2019, 11:32 AM
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#11
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Registered User
Join Date: Dec 2001
Location: JCapper Platinum: Kind of like Deep Blue... but for horses.
Posts: 5,258
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A low takeout business model doling out welfare checks to a high takeout business model.
Gotta love the irony.
-jp
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__________________
Team JCapper: 2011 PAIHL Regular Season ROI Leader after 15 weeks
www.JCapper.com
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02-02-2019, 11:44 AM
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#12
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The Voice of Reason!
Join Date: Mar 2001
Location: Canandaigua, New york
Posts: 112,467
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Quote:
Originally Posted by castaway01
Not any different than all the tracks surviving on slot machine revenue.
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Not all.
IF the casino is a partnership on the track grounds, I can see it as part of the family.
But taking money from independent businesses is welfare.
The business model, as Al says, is not good for the track.
Duh,
Then STOP doing it.
__________________
Who does the Racing Form Detective like in this one?
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02-02-2019, 12:13 PM
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#13
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Registered User
Join Date: Jul 2013
Location: Seattle
Posts: 3,943
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Quote:
Originally Posted by Jeff P
A low takeout business model doling out welfare checks to a high takeout business model.
Gotta love the irony.
-jp
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No kidding. It's right there in front of the horse racing industry's face. What do they not get?
If they're doing one thing right, it's the jackpot bets. I know that's anathema to a sharp horse player, but anybody with half a brain can see the novice bettor will pay any price for a chance to win 7 figures.
Heck, lower take on any bet that is of 3 horses or less (tris, P3, on down, vertical and horizontal), keep them the same on 4 and 5 horse bets, then milk the P6 and place pick all and that sort and back it up with guaranteed money. That Santa Anita P6 grew pretty quick for a jackpot bet with that $2mil dangled over it for a couple weeks. It grew A LOT faster than it would have without the guarantee.
I'd love to see what a $1mil guaranteed single winner 9 race place pick all would fetch. Every small bankroll player in the country would throw $6-$10 at it. You could put the take at 33%.
Last edited by ultracapper; 02-02-2019 at 12:22 PM.
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02-02-2019, 12:16 PM
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#14
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Registered User
Join Date: Feb 2010
Posts: 2,748
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Quote:
Originally Posted by Tom
Not all.
IF the casino is a partnership on the track grounds, I can see it as part of the family.
But taking money from independent businesses is welfare.
The business model, as Al says, is not good for the track.
Duh,
Then STOP doing it.
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Millions in casino money go to racing in Md. Welfare at it's finest.
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02-02-2019, 12:33 PM
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#15
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@TimeformUSfigs
Join Date: Jan 2002
Location: Moore, OK
Posts: 46,816
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All I know is Jorge Navarro must be sporting a huge smile upon hearing this news.
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