Here is the best summary that I’ve seen sourced from EOG.com.
http://www.eog.com/news/index.aspx?id=9320
(extract)
To summarize what was passed, this bill is designed to prevent the use of payment instruments (credit cards, fund transfers, etc.) for certain forms of online gambling that are defined as “unlawful Internet gambling.”
The bill requires financial institutions to identify and block payments related to so-called unlawful Internet gambling transactions.
If there is a violation, the government may file a lawsuit (known as an injunction) to prevent or restrain the violation.
The bill provides a special exemption for three types of Internet gambling:
(1) horse racing under the Interstate Horseracing Act (IHA), so OTBs and account wagering systems can remain in business,
(2) Indian gambling that takes place on a reservation or between two reservations; and
(3) Internet gambling that occurs solely within a state’s own borders, referred to as Intra-state gambling.
… the President will sign this legislation within two weeks, but it allows 270 days before it is regulated and enforced.
MY Comment :
So I think they’ve protected horse-racing, state lotteries, Indian expansion, and perhaps local casinos offering an online option … (interesting).
This does seem to fly directly in the face of WTO ruling on foreign internet gambling – basically you cannot lockout companies if you are allow internal gambling …
But since when has Bush even considered outside influences eh?
:notify: