One of the hottest locations for sports wagering in the state of New Jersey at the moment is Monmouth Park Racetrack which is located in Oceanport which recently witnessed the official launch of sports betting in the state. Right now, however, it is threatened of closing operation if the authorities happen to fail to negotiate the state budget by midnight this Saturday and a state government shutdown takes place.
The state of New Jersey has been one of the biggest supporters of the scraping of Professional and Amateur Sports Protection Act which was introduced back in 1992 on the account of it being outdated and no longer serving the industry’s best interest. This decision brought quite the stir in the field and brought back to life many businesses beginning to work on their sports betting offerings.
Many of them had already done their homework and were prepared to launch sports betting operation soon after the state proposed bills for sports betting were voted into laws regulating the field. With the help of Assembly Bill 4111 which legalized sports gambling on a state level, Gov. Phil Murphy made a move and made the state the second one to legalize the gaming offering.
Three days later people were finally able to place their first legal bets on a sports event and up to this point, one of the only places that were confirmed to be completely prepared for this was Monmouth Park Racetrack. Over the span of its first weekend of sports wagering offering the well-known racetrack witnessed significant interest surge and a total of 34,201 enthusiasts willing to put their judgment to the test by placing a wager.
Monmouth Park Could Cease Operation
At the moment the state is threatened by government shutdown on a state level and this could negatively affect the operation of Monmouth Park and other facilities which have sports wagering on offer for their players to enjoy. The state budget would have to be voted by midnight this Saturday, or else racetrack across the state would not have the permission to stay open for seven days following a government shutdown.
The state lawmakers are currently in the process of debating the taxes rates and which ones should be subjected to a change in the foreseeable future as appointed by the new budget. This Friday witnessed a heated discussion which led to no ultimate decision being made, as time is running out. Even though the past several days seemed like they would bring improvement to the situation and the state, now officials have strayed further from each other.
This Saturday might see the second shutdown in the past two years and this is a perspective which does not please anyone in the state. According to a law issued back in 2006, racetracks would be affected by this undesired turn of events which is why the New Jersey Racing Commission began sending out notifications to businesses operating such facilities.
Monmouth Park is enjoying quite the attention of people interested in sports betting at the moment and such closing could prove to have a devastating blow to its revenue rates. What should be taken into account, is that businesses were supposed to provide information whether or not they plan on continuing operation after a shutdown by 1st June.
Unfortunately, not a single business provided the authorities with such notification. It is a matter of time before the authorities make their final decision known and the outcome of the situation is revealed.
