MGM Resorts International CFO Dan D’Arrigo said the company was still deciding whether or not to launch online poker in Nevada and the state may be too small to provide a lucrative online market on a standalone basis.

“We have to make an assessment on the cost to operate that space. We haven’t ruled it out, but we haven’t given it a green light either,” said D’Arrigo in an interview on Thursday. “We’re not going to be the first or a pioneer from the state’s perspective.”

Nevada, which legalized online poker in Nevada back in February, became the first state to go live as Station Casinos launched the first offering known as Ultimate Poker. New Jersey and Delaware have also legalized online gambling and are scrambling with plans to go live as well.

While MGM is pursuing the regulatory and licensing process in both New Jersey and Nevada, D’Arrigo and others believe either federal legislation or state compacts are needed to attract more gamblers and drive up liquidity to create a robust market that will eventually generate billions of dollars in revenue for companies and local governments.

Big casino operators would prefer federal standards or state compacts as they would offer larger, more uniform markets which would lure more gamblers and create better liquidity. State by state legislation could lead to a patchwork of regulations and different tax rates.

Some analysts project online poker  in Nevada, and the online gambling market overall, will yield only $50 million to $250 million in annual revenues. The larger and more populated New Jersey is pegged to generate $500 million to $1 billion yearly.