The Standardbred Breeders and Owners Association of New Jersey (SBOANJ) announced on Tuesday, July 2 that New Jersey’s horse racing industry will receive a $20 million USD appropriation for purses as part of the state’s fiscal year 2025 budget signed recently by Gov. Phil Murphy. The appropriation will be divided equally between Standardbreds and Thoroughbreds.
Funds allocated for Standardbred racing include money for overnight purses at Meadowlands Racetrack and Freehold Raceway, as well as for the New Jersey Sire Stakes and breeder awards.
The state first introduced the purse appropriations in 2019. The initial legislation covered a five-year period, totalling $100 million USD, through 2023. The state renewed the funding for 2024.
Last week, the state Senate and Assembly both approved legislation that would extend the appropriation annually through fiscal year 2029. That bill, which passed 76-0 in the Assembly and 40-0 in the Senate, has been sent to the governor for his signature.
“We are extremely grateful to the Legislature and Gov. Murphy for their continued support,” said Mark Ford, President of the SBOANJ. “There is no doubt the previous appropriations strengthened our industry and fostered growth, whether it be in breeding or racing.
“Thank you to everyone who supported our efforts and helped deliver our message to the legislators and governor. The SBOANJ board, TrotPAC and our policy partner AMG will continue to work with the Legislature to ensure that our industry’s future remains bright.”
(With files from SBOANJ)