The Senate is poised to debate legislation Thursday to legalize sports betting in Massachusetts, but the bill that emerged Friday afternoon from a Senate committee differs in several important ways from the sports betting bill that has already cleared the House.

The long-awaited wagering bill was advanced favorably out of the Senate Ways and Means Committee late Friday afternoon, according to a Senate source. If it passes the Senate next week, lawmakers would have about three months to reconcile their differing approaches and get a bill to Gov. Charlie Baker, who has supported legalizing sports wagering for years.

“I am pleased to see the committee has come to agreement on a strong proposal…” Senate President Karen Spilka, who for months resisted calls to debate sports betting while citing a desire to first solidify consensus among senators, said Friday.