Online Gambling Bill Passes - But Still 270 Days Left to Play Online Poker

The online gambling poker bill was passed on friday. The bill will ban some forms of internet gambling over the Internet, here under poker, through use of other new technologies and stiffen penalties for gambling businesses that settle Internet wagers with financial instruments like credit cards, checks, or fund transfers.

Update October 13, 2006 Safe Port Act
President George W. Bush just signed the Safe Port Act into law which includes the Unlawful Internet Gambling Enforcement Act (UIGEA) preventing banks and other financial institutions like from allowing gamblers to use funds to pay for online casinos and online gambling.

As Bush sat down to sign the Safe Port Act this morning he talked about the Safe Port Act and how it will strengthen homeland security, however he made no mention of the unrelated UIGEA online gambling section of the bill.

The UIGEA was added to the SAFE Port Act by Senate Majority Leader Bill Frist (R - Tenn.) as Congress was trying to finalize the legislation before breaking for the campaign season. The amended version doesn't criminalize the act of online gambling, but instead prohibits people from using their U.S. financial institutions and other banking tools such as credit cards, checks, or funds transfers to deposit or withdraw money at Internet gambling sites.

Essentially, by signing the bill into law, Bush has made it illegal for online gambling companies to accept money from U.S. financial institutions. The Federal Reserve and Department of Treasury have a 270-day period to create regulations and procedures for U.S. financial institutions to follow in identifying and blocking transactions related to unlawful Internet gambling.

The bill does contain exemptions for certain kinds of online gambling including horse race betting, state lotteries, and fantasy sports

The online poker bill however seems says nothing about third part payment options like NETeller, so maybe payment options like this will still be possible?

The online gambling bill is giving caveouts to horseindustry and lotteries. It will be OK to gamble on horseraces and lotteries online, but online poker and online casinos will be banned.