If this becomes law, New Jersey would be the third state to move forward with online gambling.
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It would enable people in New Jersey to play games like poker and blackjack for money. Residents in states where it's also legal— Delaware and Nevada right now—would possibly be able to gamble online through New Jersey-based websites.
The result would be revenue from the gaming, as well as actual jobs.
Reportedly, two British companies—888 Holdings and Bwin,Party Digital Entertainment—both have deals in place to service the industry in New Jersey and stocks for both soared Friday on the news.
The business could bring hundreds of millions in economic activity to the Atlantic City casinos at a time when business is down, and competition from other states is up.
For online gambling, New Jersey would get the advantage of being one of the first in.
"I have concluded that now is the time for our state to move forward, again leading the way for the nation, by becoming one of the first states to permit internet gaming," Christie wrote.
—By CNBC's Brian Shactman; Follow him on Twitter: @bshactman