Well, the banks actually still have the best hand (even though a sh&tty flop) – “As required by the Act, the proposed rule also exempts certain participants in designated payment systems from the requirements to establish such policies and procedures because the Agencies believe it is not reasonably practical for those participants to identifY and block or otherwise prevent or prohibit unlawful Internet gambling transactions restricted by the Act.”
So in reality, the banks will go in one of two ways:
a.) block all transaction seen as “online gambling”, which will ultimately hurt the horse and dog industries, since offshores like Bodog know very well how not to “appear gambling”.
b.) simply claim that idenitfying online gambling transactions is not reasonably practical and move on.
Either way, not much will change from the current conditions. Maybe the banks will give it a shot initially, which will result in point “a” above, but will eventually give up or be pressured by the horse and dog industries to stop over-blocking (which will lead to point b).