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Internet Gambling Bill Stalled and unlikely to Pass In Senate

written September 13, 2006

It appears that the Internet gambling bill won't make it through the Senate this year, thanks largely to the banking industry.

In July, the House of Representatives passed an anti-Internet gambling bill that would:

--clarify that the 1961 Wire Act prevents companies from accepting online wagers;

--bar credit-card companies from processing payments to online gaming sites; and

--ban banks from processing electronic funds transfers or e-checks for online gambling transactions.

A similar measure is pending in the Senate but faces significant opposition.

Of more importance, the banking sector has voiced strong opposition to provisions that require banks to block electronic funds transfers or e-check payments to online gambling sites. These provisions are essentially broad and unenforceable, the banks claim; moreover, even if it were possible to surmount technical obstacles, prospective gamblers could easily use alternative means to finance such transactions.

No bill is likely before the end of this legislative year, leaving the online gambling issue to the new Congress, which convenes in January 2007.

This is great news for those who enjoy Internet Gambling.