The smart money is betting Washington will legalize online poker.

In the last few weeks, powerful casino owners have moved to position themselves to hit the ground running when — more than if — Congress flips the switch and allows Americans to gamble on the Internet.

Caesars Entertainment, the No. 1 casino operator in the US, became the latest power player to make a move when it filed papers this week to go public.

The timing of the move — a $531 million initial public offering was pulled last year because of poor market conditions — is meant to coincide with the anticipated introduction of a Senate bill legalizing online poker, a source close to the offering said.

“A bill will be proposed by the end of the session,” a second source close to the situation said. “There is a 50 percent chance it will be approved by next year.”

Sen. Jon Kyl (R-Ariz.), who was once a gambling opponent, may co-sponsor the bill, several sources said. A Kyl spokesman did not return calls. There is a similar bill in the House of Representatives.

There has been talk on Capitol Hill about online poker appearing as a “revenue enhancer” in the congressional super committee proposal to reduce the nation’s deficit by $1.5 trillion. But the super committee talks are now stalling.

In addition to Caesars, others taking action in anticipation of legalization include:

* The Senate Indian Affairs Committee (tribes are generally against legalization), which will hold a hearing on online poker today;

* MGM Resorts and Boyd Gaming, which on Oct. 31 separately announced agreements with bwin.party digital entertainment to develop online poker sites;

* Donald Trump, who teamed with Avenue Capital late last month to launch an online poker site.

Time is of the essence. Sources believe Congress will not pass such a controversial bill during the 2012 presidential election year, and the following year may not be opportune as poker advocate Harry Reid (D-Nev.) may no longer be Senate Majority Leader.

Morgan Stanley has estimated legal online gambling would generate $14 billion annually.

If taxed at 25 percent, Uncle Sam and the states would share $3.5 billion in revenue. States would have the option of whether to opt in.

One study said making online gambling legal would result in $42 billion in added tax revenues over 10 years. An estimated $5.4 billion is spent on illegal sites, according to Morgan Stanley.

Sam Skolnik, author of “High Stakes: The Rising Costs of America’s Gambling Addiction,” said, “The recession helps gambling legalization proponents.”

But, he added, “There is no question it would increase the net pool of gamblers. With an increase in gambling, you see more indebtedness, home foreclosures and bankruptcies.”

State lotteries are against the measure since its passage would increase the likelihood of a federal lottery, said Richard Bronson, the head of US Digital Gaming, an online gaming services venture.

States will start legalizing online poker on their own if Congress does not act. California, Iowa, New Jersey and Nevada are considering such bills.