Internet Gambling Legality

The Internet Enforcement Act that was passed in 2006, went in to effect on June 1, 2010. This law prohibits financial institutions from accepting payments via credit card, check, or electronic transfer to settle wagers.

This law effectively stops most on-line gambling from taking place in the U.S., but it doesn't stop U.S. citizens from participating in on-line gambling. What people do who want to gamble on-line is to open a foreign bank account, and transfer funds into this account. They then play poker or some other gambling game on-line, and pay any charges from their foreign bank account. So far no one has been prosecuted for doing this.

Some congressmen, including Rep. Barney Frank, want the law changed to allow regulated internet gambling. They argue that internet gambling will go on anyway. If it is legal, it could be controlled and even taxed, providing another source of funding for the U.S. Treasury.

On Wednesday, July 28th, 2010 the U.S. House Committee on Financial Services, which is chaired by Rep. Barney Frank, recently approved legislation that would legalize and regulate U.S. online gaming.

Practicing Poker

Many poker players use online poker sites to practice and hone their skills over the internet.