Pending the governor’s signature, New Jersey has become the first U.S. state to pass online gambling regulations. Late Monday, the state Assembly voted 63-11 to approve a bill that will allow intrastate online gambling and set up a state regulatory framework for the new industry.

The bill was a long time in the making, but was approved by the State Senate by a 29-5 vote last November. Now that it has passed the Assembly, it only needs Governor Chris Christie’s signature to become law. Though Christie hasn’t publicly announced his position on the legislation, most believe that he will sign the bill. Christie considers promoting economic growth of Atlantic City one of his priorities.

The bill sets up a licensing structure for online gambling, with the Internet casinos needing to be run by Atlantic City casino operators. The bill is intended to bring revenue to New Jersey that is currently leaving the state and going to overseas online casinos. Senator Ray Lesniak, who proposed the legislation, believes that the new online gambling market would generate $350 million annually for the state.

The gambling legislation will allow New Jersey residents to play online poker and a variety of casino games, including blackjack, baccarat, roulette, craps, slots and more. The bill once had a provision that would allow residents to gamble at offshore online casinos as well, but that part was dropped in order to keep the entire industry inside the state’s borders, serving the dual purpose of keeping more revenue in-state and avoiding federal and international commerce conflicts.

There is no word on when Governor Christie is expected to sign the bill, but most believe it will happen sometime this week.

Tags: New Jersey online gambling, online gambling legislation