How to Place Your Bets… Online

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Aug. 14 (Bloomberg) -- Ultimate Gaming Co-Founder Tom Breitling discusses tapping the online gambling market with Trish Regan on Bloomberg Television's "Street Smart." (Source: Bloomberg)

Illegal operators and took billions of dollar out of the economy.

We're protecting players better than ever before and bringing the much-needed tax revenues.

We turn on the tv and look at the newspapers and see things like detroit, we see different states that need revenue.

This is just one small solution to that.

So we think that states are seriously considering this.

And i think all 50 states are actually seriously looking at this in terms of how they want to address this issue.

How good of a market can it be.

Well, it's interesting, the two paths here are the one path being a federal path.

That's been a consideration of a poker only path.

Nevada's poker only, the estimates are $250 million to over $1 billion market in year one.

The estimates vary.

We'll find out.

Three months to the nevada operation.

We've only launched on april 30. i want to point out to your audience that this really is a new environment where innovation meets regulation.

You have to put in place teams that work with regulators.

And states around this country should know that the technology is working and that the formula is working and players can be protected and revenue can be generated for the states.

That's a key point, generating revenue for the states.

Tom, explain to the viewers how the accounting works for taxes, whether it's for money getting to states or individuals getting income taxes on games.

Revenue is flowing into the coffers of the states starting here in nevada.

Nevada, it's consistent with the tax rate here which is 6.75%. new jersey made the decision to tax on-line gaming at 15%. and so it really, again,

This text has been automatically generated. It may not be 100% accurate.

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