Status of Internet Gambling Bill

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Question:

I was wondering if anyone can shed some light on the internet gambling bill. I know that it was part of the Safe Port Act and comments were due by December 12, 2007. Have any final regulations been posted? Where do we stand from a compliance standpoint?

Answer:

Final regulations have not been issued, and there is a strong possibility that they won't be, or that they will be very different from what we've seen so far. There is a lot of pressure on Congress to revise the law, and a lot of criticism about the fact that neither Congress nor the regulators could or would define illegal internet gambling.

First published on BankersOnline.com 6/16/08