Fans of online gambling, prepare to shudder, wince and cry.
The US Treasury and Federal Reserve announced rules today to enforce a law passed last year banning Internet gambling, which would prohibit payments made through US-based banks, credit cards and other systems.
The Unlawful Internet Gambling Enforcement Act was passed by Congress last year and requires US financial firms "to have policies and procedures that are reasonably designed to prevent payments being made to gambling businesses in connection with unlawful Internet gambling," according to a joint statement by the agencies.
US officials say any bets made in the United States, even at offshore websites, violate the law. However, the US ban on Internet gambling has been challenged as an unfair trade restriction at the World Trade Organization, which has ruled in favor of a complaint by Antigua & Barbuda.
