Internet gambling payment ban delayed
Posted by Carl Barnett on 16 Jan 2010 at 15:01
The long running saga regarding the American ban on gambling online is going to run a little longer, with the Federal Reserve and the US Treasury Department granting US financial institutions an extra six months to comply with legislation.
The legislation, which makes it illegal for banks and other financial institutions to process payments for online gambling activities, was supposed to take effect on December 1st.
Instead, it will come into effect on June 1st 2010.
Major figures in Congress now feel that this extension will give them enough time to repeal the law, and put in its place a newly crafted, Democrat piece of legislation.
Many financial institutions and organisations had sent letters asking for a delay in the legislation, and the two Federal agencies had agreed that there was ‘sufficient cause’ to warrant a delay in the law.
The online casino industry carries over $16 billion in revenues year on year, and the US accounts for nearly half of that spending.