ATLANTIC CITY — New Jersey horse racing fans soon will have more ways than ever to bet on their favorite sport. Gov. Chris Christie signed two bills into law today to expand the options for horse racing bets in the Garden State. One sets up exchange wagering, a form of betting popular in Europe in which two or more...
Bruce Saunders of East Rutherford works a horse at the Meadowlands Racetrack. ATLANTIC CITY — New Jersey horse racing fans soon will have more ways than ever to bet on their favorite sport.
Gov. Chris Christie signed two bills into law today to expand the options for horse racing bets in the Garden State.
One sets up exchange wagering, a form of betting popular in Europe in which two or more people place directly opposing wagers on the outcome of a horse race. Exchange wagering allows a bettor to wager on a selected outcome occurring, and another bettor to wager on that same outcome not occurring.
Another bill allows tracks to provide for a single pool for each running or harness horse race. These larger pools would be capable of handling a greater variety of wagers than current pools.
Christie said the bills will help ensure "a strong, independent, self-sufficient horse racing industry in New Jersey."
"We are providing new tools to help the industry implement new strategies, generate additional revenue and capitalize on interest in horse racing around the state," the governor said. "Along with our ongoing efforts to transform racing at the Meadowlands and Monmouth Park through private management, these measures will place horse racing on a path to economic stability and sustainability without public subsidy that New Jersey taxpayers can simply no longer afford."
The bills were part of the legislative give-and-take over how much state help should go to New Jersey's casino and horse racing industries, which have long fought each other for gambling dollars and market share.
Deputy Assembly Speaker John Burzichelli called exchange wagering a way to help the struggling industry compete with other states.
"This is simply another option and another way to build interest in the races, which can only help the industry as we move forward with a more modern racing model for our state," he said.
Once the outcome of the race is determined, funds will be transferred from the exchange wagering account of the bettor who lost the wager to that of the bettor who won the wager. Transaction or other fees will be deducted by the track.
New Jersey will be the second state in the nation, along with California, to offer exchange wagering.
Christie conditionally vetoed a bill revamping the state's off-track betting operation, saying he supports the concept, but wants greater flexibility in determining the locations of new off-track betting parlors. He also said he wants to eliminate a 1 percent fee the parlors would pay to their host municipalities.
The governor began dealing with both industries at the same time last July when he endorsed the recommendations of a panel he had created to study the future of casinos and race tracks in New Jersey. The governor called for ending state subsidies to racetracks, and refused to allow them to install slot machines like those at so-called "racinos" in neighboring states.
But when the industry protested, legislators representing horse breeding and racing areas soon added sweeteners to the deal, including the bills signed into law today by Christie.
The governor is expected to act as soon as Tuesday on bills passed by the legislature to set up a state-supervised tourism district in Atlantic City, and to lessen some of the regulation to which the city's 11 casinos are subject.
Previous coverage:
• Legislature approves state support of horse racing industry, Atlantic City tourism district
• Meadowlands won't hold racing in April as deal to keep track running pends
• N.J. Racing Commission to set preliminary 2011 dates for tracks
• Horse racing to continue at Meadowlands with N.J. support while lease is negotiated
• Gov. Chris Christie to address standardbred horse racing at Meadowlands
• Complete coverage of Gov. Chris Christie gaming industries overhaul