This was talked a little about on Jox a few weeks ago on the OD and RT. Technically I think bookmaking and online gambling is still illegal. i'm not entirely sure so you might want to look into it. I know one guy called in the show and started talking about it and they quickly advised him to not say anymore unless he wanted a knock on his door. I know tons of people do it but I still think its technically illegal in this state and much of the US. It's kind of a big gray area from what I can gather.
Take a look at this. Might help
http://vegasclick.com/online/legal.html