The action comes as slots parlors in Pennsylvania and Delaware are cutting into Atlantic City's business.
A similar measure died in the Legislature's last session, which ended in early January.
Whatever the outcome of the bill, there remains one major obstacle: federal law bars sports gambling everywhere but in Nevada and Congressional action would be needed to allow it in New Jersey.
Supporters of the bill have noted that up to $100 million in bets were placed on Sunday's Super Bowl in Las Vegas casinos.
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