Las Vegas could soon be facing competition from social networks and gaming companies. “Silicon Valley is betting that online gambling is its next billion-dollar business, with developers across the industry turning casual games into occasions for adults to wager,” reports The New York Times. The games are aimed at overseas markets for now, where attitudes and laws regarding gambling are more relaxed and very lucrative.

“But game companies, from small teams to Facebook and Zynga, have their eye on the ultimate prize: the rich American market, where most types of real-money online wagers have been cleared by the Justice Department,” notes the article. Nevada and Delaware (and likely soon, New Jersey), are already laying the groundwork for virtual gambling.

Additionally, “bills have also been introduced in Mississippi, Iowa, California and other states, driven by the realization that online gambling could bring in streams of tax revenue. In Iowa alone, online gambling proponents estimated that 150,000 residents were playing poker illegally.” But of course, there’s resistance, both from the existing casino industry and from those who oppose it morally.

Even so, many believe the American market will open up sooner than later — and it will be big, perhaps not so much in number of participants but in revenue. “Tech executives expect an equally small number to play for real money but believe they will bet heavily, making them much more valuable to the gaming companies,” explains The New York Times. “By Betable’s estimate, the lifetime value of a casual player is $2 versus $1,800 for a real-money player.”

“Gambling in the U.S. is controlled by a few land-based casinos and some powerful Indian casinos,” said Chris Griffin, chief executive of London gambling startup Betable. “What potentially becomes an interesting counterweight is all of a sudden thousands of developers in Silicon Valley making money overseas and wanting to turn their efforts inward and make money in the U.S.”

Betable now has offices in San Francisco, and 15 studios are using its back-end platform.