New Jersey Racing hopes Exchange Wagering will BOOST Numbers
- by Paulick Report Staff
- Nov 10, 2016
- 1 min read
New Jersey horse racing has faced declines in both track attendance and betting numbers since casinos ceased supplementing the purse structure in 2011, reports the Associated Press' Bruce Shipkowski. Bob Kulina, president of Darby Development which operates Monmouth Park, said that it is difficult to compete when his track has only one source of revenue, compared to other tracks which may have several.“The biggest issue facing the industry is replacing the older generation of fans with a younger generation of fans, but that can be difficult,” said Michael Colangelo, assistant director of projects for the University of Southern California's Sports Business Institute.
Monmouth has been heavily involved in bringing sports betting to the state of New Jersey, though those efforts have been held back by a 1992 law that restricts sports betting to Nevada, as well as opposition from organizations like the NCAA.
What New Jersey has been able to accomplish is the addition of exchange wagering, beginning next month, which allows bettors to place multiple bets both before and during a race. Industry supporters are hopeful that the influx of new wagering dollars will revitalize racing in the state.
Comments