Too soon, will be at least a week before legal opinions are in.
Thus far everything you hear is just speculation, and some pretty wild.
I did read the whole thing, and from what I can tell it doesn’t interfere with the laws the individual states may want to enact (and some will likely want to licence and tax some online gambling I imagine) and it will not interfere with what the Indian reservations want to allow or forbid on their land. It opens the field for states that want to allow licenced casinos and collect money.
So, from what I can see, re. the legality nothing changes except that states are free to legalize it without running afoul of UIGEA.
For those states that do not forbid it (all but the typhoid 11 so far) Nothing much will change. The feds will examine online casinos who ask to be licenced for financial stability, anti-money laundering measures and protection against juvenile play.
It is a bill backed by the banks, and it actually hands a lot of power to the financial institutions.
I would like to see a professional analysis before flying off the handle with amateur interpretations.
Also, the bill is kind of like a rough draft and lots of details will need to be filled in yet.
So far I see no reason for alarm. Let’s wait and see what the legal eagles have to say.
There is a ton of reading here http://news.google.com/news?source=ig&hl=en&ie=UTF-8&oe=UTF-8&tab=wn&ncl=1115464787 but no legal opinions yet.