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The Unlawful Internet Gambling Enforcement Act is scheduled to go into effect December 1st. The bill does not make online gaming illegal, but does prohibit banks from processing debit or credit card transactions associate with online casinos.
The House Financial Services Committee led by Barney Frank has requested the Treasury Department and Federal Reserve to wait one year so it can appeal the bill and legalize online gambling. However government officials have not decided if an extension should be granted.
Under the new law, players will not face prosecution but online casinos are pulling out of the U.S. Market ahead of the implementation. Several online casino owners have already been prosecuted under this law and more than $33 million worth of payments made by American players have been seized by law enforcement.
The Justice Department believes the 1960’s Wire Act makes all Internet gambling illegal, although in 2002 the Fifth Circuit Court ruled the Wire Act applied only to sports betting not games of skill such as poker.
Gaming experts say that Americans wager billions annually on Internet gaming. According to a Joint Committee on Taxation report legalizing online gaming could generate up to $42 billion in tax revenue over the next decade.
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