“We believe it is logical to assume that the US market will eventually regulate – given the potential implications for US tax take, if nothing else,” the bank said in a note to investors today.

The parlous state of the US economy is forcing individual states to seek new sources of revenue and online gaming is a hugely profitable sector.

“Were the market to be legalized, we believe that the size of the revenue opportunity could increase materially,” said the report from Goldman Sachs. “Based on an assumption of 30% penetration of offline poker players and $300 gross gaming revenue (GGR) per player, we estimate that a legal poker market could be worth $3bn.”

The report continued: “Were GGR to increase to 45% and GGR per player rise to $400, the size of the poker market alone could be worth $6bn. We also estimate that the casino market could expand to a similar scale, based on various offline penetration assumptions.”

“The momentum at state level, where widening state budget deficits are ratcheting up financial pressures, is clearly building,” the report concluded. “Indeed, if California and Florida move forward with legislation to legalise online poker, this could prove the catalyst for other states to follow suit”.

Although the long term signs are good, Goldman Sachs is quick to caution that progress at a federal level is likely to be very slow. However, state legislation is much quicker and could provide the necessary momentum.

Congressman Barney Frank’s bill to repeal UIGEA has been delayed until September, while state-level initiatives such as those to legalise online poker in California or legal internet poker in Florida are moving more quickly.