Yup. They are going to regulate state by state. It will take a decade for states to cobble together any sort of working framework to have interstate markets.
A financial crash is imminent in the next couple years, and that will slow things down tremendously. Expect this to delay any Federal or interstate gambling regulation by another half decade at least while politicians focus on more important matters.
Perhaps decentralization will take hold by then and make all this moot (also unlikely, but possible!).