Internet Gambling Prohibition Act Passed

On Friday evening the US Senate passed the Internet Gambling Prohibition and Enforcement Act, the Bill makes it illegal for US banks to make of take payments from online gaming sites. The 1961 wire act has not been extended.

It now seems even more likely that a total ban on internet gaming will become a reality in the next two weeks once Bush signs the act making it law. Its thought that the move will drive some elements of online gambling underground harking back to the days of prohibition. 

The Senate Majority Leader Bill Frist amended the seemingly unrelated Port Securities bill with prohibitive Internet gambling legislation. In an effort to push that bill thought Frist strapped it to the back of the Port Securities bill and as a result succeeded in his long battle.

The bill has reportedly added provisions introduced by Rep. Jim Leach, R-Iowa, which target U.S.-based banks, credit card companies and other Internet payment systems, prohibiting them from making payments to online gambling companies. As of this afternoon, signatures are being collected on the bill.

News of the bill sent stocks crashing in some cases loosing 70% of their value.

Editor, - 2006-10-02 11:22:22

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