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Why do you think legalized online gaming would be unregulated, pmmart? I believe that most(if not all) would expect regulation. Not to mention safeguards against underage players, money laundering, cheating, and various other issues. There are online gaming bills in congress right now that address these issues. Two that come to mind are H.R. 2610, the Skill Games Protection Act and H.R. 2046, the Internet Gambling Regulation and Enforcement Act.
While the large casino operations may become engaged in online gaming I seriously doubt that they would be able to buy out the large established sites such as PokerStars.