Trump in Online Gambling Push

Billionaire businessman Donald Trump and partner Marc Lasry are joining the push to obtain a prime position in the event that online gambling is finally legalized and regulated in the United States.

Online gaming joint venture

Lasry's Avenue Capital Group and Trump Entertainment Resorts will establish a join online gaming venture should American regulators allow licenses in the future, according to a filing made on October 14 by the two men.

Trump Entertainment, which was taken over by Avenue Capital last year, would own 10 percent of the joint venture, the filing said, although it did not reveal the value of the shares held by Trump or by Lasry's $12 billion New York hedge fund.

Push to legalize online gambling

The agreement comes at a time when several states are mulling the possibility of legalizing online gambling, even without a federal resolution on the matter. One of those states, New Jersey, is home to Trump Entertainment, which also holds land-based casino licenses there.

Trump told the Associated Press last week that the US should overturn a 2006 law that effectively prohibits internet gambling. "It should be approved here," he said. "An awful lot of money is leaving the US that should and could stay in this country."