US Congress has passed legislation to hinder Internet gambling by making it illegal for gambling sites to accept payment in the form of credit, electronic funds transfer, or cheque from US residents. The bill also forces financial institutions "to identify and block or otherwise prevent or prohibit restricted transactions through the establishment of [effective] policies and procedures". The bill has been sent to the President for signature. Although there have been numerous previous attempts to legislate against online gambling, this is the first bill to pass both the US House of Representatives and the Senate.
The announcement sent shock waves through the gaming sector in the US and elsewhere. Gaming companies saw stocks plummet, as many scrambled to implement or fine-tune technology that would effectively block US residents from betting through their sites. Canadian gaming software giant, Cryptologic, assured investors that it had already begun to focus on attracting non-US customers.
For the text of the US bill, visit:
http://thomas.loc.gov/cgi-bin/bdquery/z?d109:h.r.04954
For several news links, visit these sites:
http://www.law.com/jsp/article.jsp?id=1160397320810; and
http://makeashorterlink.com/?N6B4212FD
Summary by: James Kosa
E-TIPS® ISSUE
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