Online Gambling Ban: Regulations in Search of a Definition - E-Commerce Times

[I Heart Gambling Online]

The Bush Administration pushed through new rules last week that seek to end Internet gambling. The new regulations, issued by the Treasury Department and the Federal Reserve system, require banks, credit card companies and wire transfer companies to establish a process to stop payments for settling online bets.

The rules are an outgrowth of a law passed a few years ago, the Unlawful Internet Gambling Act of 2006. However, they do not specifically define "unlawful Internet gambling." Instead, the regulations refer financial institutions to existing state and federal laws -- laws that differ on a state-by-state basis.

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