Off Track Betting

They're off and running. Only two days after the election that saw voters approve a referendum that could clear the way for off-track betting, an offer has been announced to take over two New Jersey race tracks. The 57 million dollar offer to take over Freehold Raceway and Garden State Park in Cherry Hill was announced Thursday by two former rivals, Penn National Gaming Inc., and Greenwood New Jersey Inc. The proposal would establish their first joint venture. Separately, the two already own racetracks, O-T-B facilities and telephone wagering networks, all in Pennsylvania. The Freehold and Garden State tracks are presently owned by International Thoroughbred Breeders. Whether the offer will be accepted couldn't be determined yesterday. ITB board member Bob Quigley said he was not aware of the joint offer.