An agreement between a global online gaming company and an Atlantic City casino to offer Internet wagering in New Jersey faces an uphill battle to gain the necessary approval from state regulators, say analysts.
A call by over a dozen lawmakers to delay a Dec. 1 deadline requiring banks to block transactions tied to Internet gambling won't likely sway the White House, say analysts.
A Canadian national laundered nearly $380 million and illegally processed payouts from online gambling companies to their U.S.-based customers, according to a federal indictment released Thursday. The indictment seeks more than half-billion dollars in forfeitures.
Federal regulators finalized rules Wednesday on how financial institutions should monitor and prohibit transactions involving illegal Internet gambling operations.
The proposal would forbid the U.S. Treasury Department and the Federal Reserve from enforcing requirements of the Unlawful Internet Gambling Enforcement Act of 2006.
U.S. financial services regulators said they have not been able to finalize rules banning banks and payment systems from accepting funds from Internet gambling operations because the federal law requiring the ban is too vague.
In testimony before the House Financial Services Committee, online payment processors, data security professionals and other experts called for the licensing of Internet gambling businesses but could not agree on whether current technology can successfully verify the identities of online bettors.
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