TRENTON - Seven years after then-Gov. Chris Christie stripped away the $17 million annual purse supplement New Jersey’s horse racing industry received from Atlantic City casinos, Trenton lawmakers are moving to replace the shortfall with money from taxpayers.

A bill authored by state Sens. Vin Gopal, D-Monmouth, and Paul Sarlo, D-Bergen, that would provide $20 million annually for purses over the next five years was approved unanimously by the Budget and Appropriations Committee on Monday.

A full Senate vote could happen on Dec. 17. The legislation also needs Assembly action and Gov. Phil Murphy's signature.

"This will be a huge help for the horse racing industry that is an important part of New Jersey’s heritage and culture and a key source of jobs and economic activity," Gopal said. "There are tens of thousands of jobs impacted directly or indirectly by the racing industry, including the long-term survival of Monmouth Racetrack."

Monmouth Park in Oceanport would receive $10 million for purses and $6 million would go to the Meadowlands. Freehold Raceway, a standardbred track, would get $1.6 million for purses, while another $1.8 million would go toward the New Jersey sire stakes program.

It's the latest effort to boost the beleaguered industry, with sports betting legalized at racetracks on June 14.

Since then, the Meadowlands and Monmouth Park have combined sports betting revenues of $22.6 million, including $15.2 million at the Meadowlands and $7.4 million at Monmouth Park. In October, sports wagering revenues for the state were $11.6 million, with the Meadowlands and Monmouth Park accounting for $4.7 million of that revenue.

While this legislation was first introduced in September, it was held up as standardbred horsemen fought with Meadowlands operator Jeff Gural for a share of the track’s sports betting revenue.

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But on Monday a revenue-sharing agreement was announced between the Meadowlands and the Standardbred Breeders and Owners of New Jersey, which would put a minimum of $1 million annually into the purse account at the track over the next 10 years. In the deal, Gural gets the first $6 million of net revenue from the FanDuel Sportsbook, with the horsemen getting 25 percent of everything over $6 million.

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"With a bill for a five-year, $100 million purse appropriation scheduled to be introduced in the legislature shortly, we are all hopeful that we will be able to continue our good work with the SBOA and bring the Meadowlands back to its stature as a premier racing venue," Gural said.

Freehold Raceway has yet to open a sports book, but indicated during Monday’s Senate Budget and Appropriations Committee session that it is moving toward entering the sports betting fray. The track, however, believes its efforts will be hindered by an amendment in the bill that requires operators to reach a revenue-sharing agreement with its horsemen in order to operate a sports book.

"We think they are a solution looking for a problem," said Sal Anderton, speaking on behalf of Freehold Raceway during Monday’s session. "We don’t think they’re necessary in the current state. These were put in because of discussions and issues with one racetrack in the state. We don’t think the other race tracks should be subject to the same agreements or the same standards. Those agreements can be negotiated directly with the race track."

Passage of the bill would impact the state’s racing calendar dramatically in 2019.

Gural had initially threatened to run just 68 days next year, down from 90 in 2018, if he did not receive a subsidy. Now the Meadowlands is scheduled to run 76 days, and that number could be increased if the bill passes.

Monmouth Park is hoping to run 71 days in 2019, up from 58 this year, if there is a purse subsidy.

"I was extremely pleased to see the legislation move forward," said Dennis Drazin, who heads Darby Development LLC, which operates Monmouth Park. "It's something that we've been working very hard on over the course of the year and Monday was a significant step forward towards solidifying a revenue stream tied to the purse account."

Stephen Edelson is a USA TODAY NETWORK New Jersey columnist: sedelson@gannettnj.com