According to time.com, a Las Vegas-based social gambling site is launching the first legal poker website in the United States.
Internet gambling has been illegal under federal law, but recently the federal government has softened its stance. As a result, three states (Delaware, New Jersey, and Nevada) have legalized some form of intrastate online gambling. Thus, Ultimate Gambling will only accept wagers from Nevada players.
The American Gaming Association estimates that online gambling around the world generates $35 billion a year. According to the London-based research firm H2 Gambling Capital, a fully realized U.S. market could generate $4.3 billion in the first year and $9.6 billion by year five.
Currently, sites in Nevada have to pay 6.75% state tax on their revenue.
