It looks as though the proverbial floodgates are about to be opened in the online gambling debate. Nevada has already passed a law and New Jersey is likely to follow soon, according to Pillsbury lawyer Jim Gatto. He adds that Hawaii and California are also considering bills to legalize online gambling.

Up until last year, online betting was considered illegal. Then the Department of Justice issued a memo green lighting it with some restrictions. The state has to allow it, the betting takes place within state borders, and no sports betting is involved. If all 3 of those criteria are met, then it is A-OK!

This is huge news for the economy because as the New York Times reported, online gambling in America could be worth anywhere from $6 billion to $100 billion. That is a potentially huge cash influx in these hard times for any state that chooses to legalize it.

Some states like Utah have already made strides and have made it illegal to gamble in the state. But Utah isn’t historically a state with huge fiscal problems like say, California. It will probably become legal there, but the Indian casinos have a lot of power so we will have to see what becomes of this situation.