The bill would allow for the legalization of online casino games, such as poker, to be played within the state. A $30-million annual subsidy given by casinos in Atlantic City to state horse racing facilities would also be removed, with the mindset that the revenue gained from legalized online gambling would equal that amount.

State residents would be allowed to play the games on their computers at home, but the bill also considered implementing rooms at casinos and racetracks were people could go to play the online bingo and casino games.

Sen. Jeff Van Drew said the $30 million removed from the horse racing subsidy could be used for more marketing and advertising of the new "casino rooms," bringing further business to the facilities.

If the bill passes, New Jersey would become the first state in the U.S. to legalize online casino games.

It could prove to be a very lucrative economic decision for the state, as Sen. Ray Lesniak said that full implementation of online games and legalizing online sports betting (still illegal in New Jersey and 45 other states) could bring up to $350 million per year in added state revenue.