Online Gambling Ban Approved - InformationWeek

[I Heart Gambling Online]

The Bush administration on Wednesday approved a 2006 law that outlaws many forms of online gambling, leaving banks and financial institutions scrambling to clamp down on bet transactions.

The 120-page Unlawful Internet Gambling Enforcement Act of 2006 prohibits payments made through credit cards, electronic funds transfers, and checks related to online wagers. The financial institutions, however, have until Dec. 1, 2009, to comply with the law.

Rep. Barney Frank, D-Mass., has said he will seek to overturn the law, pointing out that even the most ardent fans of the regulations have said they will be difficult to interpret and enforce.

Part of the problem is to define "unlawful Internet gambling." For instance, the National Football League's "Fantasy Football" is exempted from the legislation, because the NFL claims the game is skill-based and not a game of chance and, thus, not gambling.

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