Nevada may soon regulate Internet gambling and allow land-based casinos like Caesar's Palace and MGM Grand to operate online casinos. What can players expect when gambling at Nevada-regulated Internet casinos and how will these casinos be different from existing unregulated, offshore Web casinos?

Let's look at a few of the possible pros and cons of gambling at an Internet casino regulated by the Nevada government.

Pro - Cash transactions will be secure and payouts assured.

Con - Winnings may be taxable and reported to the IRS.

Pro - Casino software will be strictly tested to assure randomness and fairness.

Con - Players may be required to jump through hoops to verify their age and location before they play. This could involve faxing your driver's license to the casino or even attaching a Global Positioning System (GPS) to your computer.

Pro - Minors will be effectively screened out.

Pro - Casinos may be required to meet a minimum payout on slot machines.

Pro - Players will earn loyalty points they can use on their next trip to Las Vegas.

In the end, most players will appreciate the security and trustworthiness of Nevada-regulated Internet casinos, but the taxation policy and onerous sign-up procedures may force some players to seek unregulated, offshore gambling action.