Columbus, OH – The 2024 NY Standardbred Industry Economic Impact Study, prepared for the Empire State Harness Horse Alliance (ESHHA) by JMS Advisors, details the significant economic development and job creation that has resulted from harness racing in New York State.
An Oct. 15 memo from SOA of NY President and CEO Joe Faraldo on behalf of the ESHHA sent to members of three committees in the NYS Assembly stated, “Not only have VLTs generated hundreds of millions of dollars in funding for education, but the state’s standardbred racing industry has been reestablished as a national leader and the promise of a New York racing renaissance has become a reality. The positive predictions made two decades ago at the advent of VLTs – higher purses, expanded agriculture, more breeding farms, and thousands of racing related jobs across New York State – have absolutely come true.”
The memo also highlighted that the study indicates that, “The total economic impact from the harness racing industry in 2022 (the most recent year numbers are available for) was $655 million, which represents approx. 25% of the impact of all equine activity in NYS.
“The industry was also responsible for 6,500 jobs across every region of New York State.
“In terms of wagering on the sport, Saratoga Harness set a single day handle record of $632,000 on March 6, 2023; a record that had held for over 17 years. And total export handle on New York harness racing hit an all-time high of $276 million in 2022.
“Saratoga, Tioga, and Batavia recorded all-time records in gross purses paid in 2022.
“Finally, it is important to note that along with the direct jobs created by harness racing, ancillary economic impacts were felt in areas such as agriculture, farm equipment, animal health services, hospitality, etc.”
To read the memo from the ESHHA, click here.
To read the 2024 NY Standardbred Industry Economic Impact Study, click here.