Monmouth Park waiting on multimillion-dollar subsidy for horse racing

New Jersey has brought in over $1 billion in revenue in sports betting since it was made legal last year.

Monmouth Park Racetrack in Oceanport alone made millions – but the owners say that they need more revenue to survive.

They are banking on a subsidy from the state to contribute to racing purses. The $20 million subsidy has been approved in the state Legislature. But now the horse racing industry is waiting for lawmakers to vote on it.

Monmouth Park officials say the subsidy is important for scheduling. A higher purse means better talent coming to race.

Officials say they are used to waiting. They are forced to make changes every year to benefit races, including the date of the Haskell Invitational – one of horse racing’s most well-known races.