Bill > S2351

Introduced Session

This bill would permit wagering at racetracks and off track wagering facilities in this State on previously-recorded live running or harness horse races that do not identify the actual race. Pari-mutuel wagers of the same pool type would be placed using an electronic pari-mutuel wagering. The bill provides that the "takeout" or that portion of a wager which is deducted from or not included in the parimutuel pool, and which is distributed other than to persons placing wagers, will not be more than 20 percent, and will be 20 percent in the absence of an agreement prescribing a lesser takeout percentage. The takeout rate amount for previously-recorded live wagering conducted at an off-track wagering facility or at a racetrack will be distributed as follows: 15 percent to purses; 1 percent to breeder awards and 4 percent to Sire Stakes or State-bred awards; 15 percent to race technology fees; 3 percent to simulcasting fees; and 62 percent to the permit holder, who shall be responsible for operating expenses, marketing, and awards. Under the bill, previously-recorded live race wagers may be commingled into interstate common pools for previously-recorded live race wagering. The bill also imposes a tax at a rate of 1.5 percent of money wagered on previously-recorded live races during the State fiscal year. A portion of these revenues will be dedicated to pay for public employee retirement benefits, New Jersey Racing Commission expenses, support of the Equine Science at Rutgers University, equine programs at public institutions of higher education, and equine drug testing. The bill further provides that a portion of the amounts dedicated for purses to the Standardbred Breeders' and Owners' Association of New Jersey or to a standardbred permit holder, and to the New Jersey Thoroughbred Horsemen's Association or to a thoroughbred permit holder, may be expended for other purposes that benefit the racing and breeding industries in this State, pursuant to an agreement between the respective permit holder and association, and subject to reporting in the annual financial reports required to be submitted to the commission. The distributions established in the bill would not be construed as to abrogate any contractual agreement among permit holders in this State providing for previously-recorded live racing revenue sharing. Under the bill, the New Jersey Racing Commission would promulgate rules and regulations necessary to implement the bill's provisions.

AI Summary

Committee Categories

John McKeon (D)*,  Parker Space (R), 

Introduced in the Senate, Referred to Senate State Government, Wagering, Tourism & Historic Preservation Committee (on 01/29/2024)

Official Document