Reuters recently reported that Wynn Resorts Ltd (WYNN – Analyst Report) has joined the bandwagon of applicants seeking Online gaming license in New Jersey. New Jersey sanctioned the on the net gaming law in February this year. On-line gaming in the state is anticipated to start in late November, which might get postponed to 2014.

Per Reuters, 12-land based casinos in New Jersey will present Online gaming in partnership with on the web gaming corporations. Further, this legalization may also levy greater taxes on on the net gambling revenues in comparison with the existing tax rate getting imposed on casinos.

New Jersey is in actual fact the third state following Nevada and Delaware to legalize on the internet gambling. Ironically, Wynn will not personal a casino in Atlantic City, NJ. For that reason, it’ll must group up using a brick-and-mortar casino, which at present holds a license, to develop or offer games.

We think that a slow but steadily recovering US industry prompted Wynn Resorts — a Zacks Rank #3 (Hold) business — to focus much more around the domestic market place. It is worth mentioning that the casino operator is reeling under pressure in Macau with just 2.6% growth within the not too long ago concluded second quarter of 2013 even though its Las Vegas operation witnessed an upside of 16.2%, indicating brighter prospects in the domestic marketplace.

Apart from Wynn Resorts, other casino operators like MGM Resorts International (MGM – Analyst Report) and Caesars Entertainment Corp. (CZR – Snapshot Report) also remain really hopeful on the expanding demand for on the internet gaming within the US. Reuters reports that analysts estimate on the internet gambling to create up to $1 billion annually in New Jersey and $50 million to $250 million in Nevada every year.

To capitalize on this opportunity, in Oct 2011, MGM collaborated with web poker firm Bwin – the owner of PartyPoker and World Poker Tour — to supply on the web poker within the US after it is legalized. Yet another operator Boyd Gaming Corp. (BYD – Snapshot Report) also entered into a partnership with Bwin.party. Caesars Entertainment is expected to launch real-money on the internet poker in Nevada below the Planet Series of Poker brand by the finish of this year.