New Jersey is expected to legalize internet gambling as early as this week, now that the federal government says in-state on-line gambling is legal.Next comes betting on professional sports. However, New Jersey is not the only state that is looking to capitalize on this potential money maker.

The fight to fully legalize online gambling in the U.S. is now less about whether Americans will be able to play and more about who will bring the action to them -- and when. A recent U.S. Justice Department opinion opened the door for cash-strapped states and their lotteries to bring online gambling to their residents, as long as it does not involve sports betting.

The DOJ memo also enflamed a battle within the industry over how to legalize online gambling that once generated an estimated $6 billion yearly just from poker: Should each state have its own system, or should there be a nationwide law?

Unfortunately for New Jersey, if every state has legalized sports betting, we could lose our competitive edge.