New Jersey is looking to add historical racing machines at the racetracks.
Betting on the horses can be difficult at times, but what about if the race has already happened? Wagering money on past races may sound like a sure thing or a sucker’s bet, depending on how you look at it. Officially, it’s called historical racing and now New Jersey is considering legalizing this niche gambling trend. With historical racing, pre-recorded races are used. Bettors have no idea when or where the race took place, or even the name of the horses or jockeys, and it is very different to the options you’d find when enjoying the online betting NZ currently has to offer.
Based on a handful of stats and info, bettors only find out what race it is and who is running once all the bets are closed and the videotape starts playing. In a bid to boost a struggling horse racing industry, New Jersey plans on instituting historical racing at horse tracks that don’t have any casino games or slot machines to bring in additional revenue.
A Major Boost to the NJ Horse Industry
This type of product is currently being offered in a handful of states including Oregon, Kentucky, Arkansas and Wyoming. Up till now, the gambling industry has had a bit of a seesaw experience with historical racing. That being said, it was reported that $1.1 billion was waged on horse races in the US in 2016 alone. If instituted in New Jersey, it would potentially mean tripling the local tax revenue to roughly $300 million a year.
Speaking to the press, an adviser to the New Jersey Thoroughbred Association said that racing has fallen on hard times in New Jersey and the industry needs help. He went on to say that because of the casino gaming on the state borders and the lack of slot machines in Jersey, the purses are significantly lower than any of their surrounding states. It also known that the horses naturally follow the money.
According to industry representatives, historical racing should not contravene any of New Jersey’s casino regulations. It is essentially a game of skill and not a game of chance, and a very different type of betting altogether. While bettors might not know which horses are running, they are given plenty of data before the race. This information can include the betting odds and the placings in previous races.
Instant Racing at the Tracks
The idea has been given support from both the industry and horse racing fans. In 2011, Republican Gov. Chris Christie pulled the plug on the $30 million annual subsidy horse tracks received from Atlantic City casinos for compensation for a prohibition on slot machines at the tracks. This dealt a heavy blow to the industry and historical racing might just be a way to bring in some much-needed revenue.
There are currently more than 25 000 past races sitting on a database than can be used for historical racing purposes around the country. The machine, which have a similar appearance to slot machine, offer players the chance to bet on a past race every five or six minutes. Some machines will play video tape footage of old races while others produce a digital representation of the historical race. Kentucky has already amended its laws to permit this type of instant racing however, Texas and Idaho pulled the plug after trials.
