Horse racing industry has declined since New Jersey stopped giving financial help

Industries Associated Press

The horse racing industry's focus will be on New Jersey this weekend, as Triple Crown winner American Pharaoh runs in the $1.75 million Haskell Invitational at Monmouth Park.

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But the big race isn't expected to provide much help overall for the problems plaguing the industry in the state, where attendance and betting have been falling.

So how did a once vibrant, thriving industry become so troubled?

Many believe it started when the state got out of the horse racing business a few years ago.

The state stopped enhancing purses in 2010. The total purses paid dropped from $47.5 million in 2010 to $22.7 million in 2013, and total wagers dropped from $480.7 million in 2010 to $266.4 million in 2013.