With just a signature by President Bush, internet gambling could change forever. The new Unlawful Internet Gambling Enforcement Act will make it illegal to pay for online gambling with credit cards or bank transfers.
While many people are upset with the potential impact on internet gambling, industry insiders say that the internet gambling industry is not going to quit right away. Just last year, online gambling generated around $12 billion. With that kind of revenue, it is only a matter of time before a way to get around the law is found and put to use.
Without United States gamblers, the international online gambling industry is expected to lose around $10 billion a year.
One of the arguments against online gambling is that it offers fewer safeguards against minors playing than regular casinos, where there are always strict checks of ID's. Another reason for the federal legislation is the suspicion that drug dealers or even terrorists are using it to launder money.
According to gaming experts, it's a good bet that online gamblers will still be able to play poker or bet on sports games even if Congress succeeds in limiting the way players pay foreign online casinos. Players will use payment transfer systems, some kinds of PayPal imitations, which will allow sending money without involving banks or credit card companies.
Aside from several ways to legally go around the anti-gambling law, it is very likely that less than upright sites will replace the major websites who will obviously abide by the new law.
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