The New Jersey State Senate made history on Monday by becoming the first state legislature in the country to pass an intrastate internet gaming bill that would allow residents to play online games like slots, poker, and blackjack from their own homes.

The bill, S-490, must be approved by the General Assembly before it would reach Gov. Chris Christie’s desk.

The legislation, introduced by Sen. Raymond Lesniak (D-Union), passed the Senate overwhelmingly by a 29-5 vote. It was one of seven gaming bills the chamber passed on Monday in an effort to revive the state’s struggling casino and horseracing industries.

“The Senate today has passed a bipartisan, comprehensive package of bills intended to help our casinos and racetracks survive in today’s competitive market,” Senate President Stephen M. Sweeney (D-Gloucester) said on Nov. 22. “It’s about giving casinos and racetracks the tools they need to stay competitive and remain economically productive for many years to come.”

S-490 would allow Atlantic City casinos to offer internet gaming to residents within New Jersey, as well as to international players, while collecting taxes from the gross revenue that it produces. Fifteen percent of the gross revenue from internet wagering would go toward the casino revenue fund, with 5 percent allocated for the investment alternative tax or 2.5% for the investment alternative.

According to the bill, proceeds from the investment alternative may be allocated to the New Jersey Racing Commission “for the benefit of the horse racing industry, including but not limited to the augmentation of purses.”

Supporters of the legislation hailed the vote as an important victory in New Jersey’s fight to become the first U.S. state to explicitly legalize and regulate the internet gaming industry. Several European countries, including France, Italy, and the UK, have already formed regulatory structures for online gaming and have collected considerable tax revenue as a result.

“We are extremely pleased and excited by the wisdom and fortitude displayed by the New Jersey state senate today as it passed Senator Lesniak’s online gaming bill,” said H5G CEO Anthony Singer upon the bill’s passage. “This legislation will allow New Jersey companies like our own to continue to grow and thrive in this developing industry.”

Sen. Lesniak noted the importance this bill could have for the state’s ailing horse racing industry, which is desperate need of revenue after Gov. Christie declared that the state would no longer subsidize the Meadowlands Racetrack and Monmouth Park racetracks. The New Jersey Sports and Exposition Authority had distributed nearly $20 million annually to the industry, according to northjersey.com.

“This bill would generate a minimum of $35 million in tax revenue to help build a bridge to self-sufficiency for our state’s ailing horse tracks,” said Sen. Lensiak. “It would generate millions of dollars in private revenue and would give casinos a new product to capture gaming dollars from tech-savvy gamblers.”

The bill has been referred to the Assembly Regulatory Oversight and Gaming Committee, and it must pass a full General Assembly vote before going to the governor. There is no set timetable on when the assembly committee would hold a hearing on the bill, but some officials involved with the efforts believe that such a hearing could happen as early as next month.

“I expect the assembly will make the bill a priority and move on it very quickly,” said Joe Brennan, the chairman of iMEGA – a trade group that has led the lobbyist efforts.

Gov. Christie has not commented publicly on this particular bill, but he has indicated a hesitancy to expand gambling in the state in the past. However, if the legislation attracts similarly strong support in the assembly, even an executive veto might not be enough to stop S-490 from becoming law.

“It’s going to be presented to the governor and I don’t think he’s going to have any option but to sign it before the end of the year,” said Sen. Lesniak declared optimistically about his bill’s chances earlier this month.