Freehold Racetrack in East Rutherford, New Jersey used to be home to an exciting race scene. Go on a Friday night to meet friends. Enjoy affordable drinks. Socialize while you bet on a race.
There are dozens of venues like it all around the country. Local institutes provide not just affordable entertainment but also jobs. Horse racing has long played an important role in the New Jersey economy.
When Freehold permanently closed its doors, it was a big hit. However, the state is currently recalibrating its horse racing scene. More than $1.5 million in taxpayer subsidies that had been going to Freehold will now be directed to Meadowlands Racetrack.
How will this move impact the New Jersey Racing economy?
More New Jersey Racing
While the money Meadowlands is receiving will cover multiple purposes, one of the most exciting developments will be more races on the calendar. That’s important for racing fans. It’s more important for the many Jersey natives who depend on horse racing for their livelihood.
Horse racing is a major industry in New Jersey. Currently, it contributes more than $3 billion to the state economy.
Meadowland employs more than 400 people. It pumps an estimated $60 million back into the economy. This is through payroll and local transactions to support the track.
More races, at least theoretically, means more of that.
Meadowlands plans on using some of the money to increase its purse—the amount of money race participants can win. This will attract more talent and keep things interesting. Owner Jeff Gurral explains it pretty simply.
“Without transferring the purse subsidy, we wouldn’t have enough money to make it worthwhile for them to race.”
Meadowlands is best known for its harness racing events. However, it hosts a wide range of competitions throughout the year. As a venue, it competes not just with similar locations around the state but also in New York and other east coast states.
This subsidy is more than just an investment in Meadowlands. It’s a commitment to New Jersey racing as a whole. It’s true that Jersey’s racing scene has taken some hits. The hope with this move is to right the ship and secure horse racing’s future for many years to come.
Horse Racing: Is It Declining?
This isn’t just happening in Jersey. It’s everywhere. Historic tracks are shuttering. Those that remain often downsize. Where once a track might have hosted 100+ events a year, now it will open only on Saturdays for a few months out of the year. This decline is sad, but you can’t say that it doesn’t make sense.
One of the main reasons behind this shift is simply that people don’t need horse racing the way they once did. Remember that this used to be the most accessible form of gambling for people who weren’t living in communities with casinos. You didn’t need slots. You could go down to the track. Watch the races. Probably enjoy cheap drinks. Catch up with your friends. Place bets. It had everything you wanted in one convenient package. Entertainment. Social interactions. Booze. And yes, the thrill of the bet.
Things are different now. For one thing, you no longer need to go to the track to place a bet. You can do it from your phone. And while that convenience comes at the cost of the social experiences tracks once provided, many people are happy to make that trade. Of course, the paradox is that if more people don’t show up at tracks, those betting opportunities may eventually diminish substantially. More tracks will close. Fewer races will be held. What will you bet on then?
Beyond that, it’s just easier to gamble in general. Many bars have virtual machines. You can play any casino game imaginable from your phone. Like so many other physical venues, tracks are hit hard by a population that will often choose to stay home when given the chance. As a result, venues once thought permanent community fixtures were closing all over the country.
Will racing eventually go away altogether? That’s not likely. It’s still a big-money sport. The Triple Crown insulates the entire game, at least somewhat. Kentucky Derby betting alone is a $200 million-a-year industry.
Those big races may only occupy a few days on the calendar, but they require a support system. Part of that support system involves smaller races held throughout the year. Certainly, it involves a robust network of trainers and breeding stables.
So, no, racing as a concept won’t disappear. But as it shrinks, the racing economy—which can be very impactful for the small towns benefiting from it, will diminish as well. Hundreds of jobs simply don’t exist anymore. If you are concerned with the future of small-town horse racing, the cure, at least, is pleasant. Go as often as you can. Bring your friends. Buy drinks. Bet. Enjoy the races.
