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Wednesday, January 03, 2007 The statute directly prohibits the acceptance of credit, electronic funds, checks, or the proceeds of other financial transactions by persons engaged in certain betting or wagering businesses in connection with the participation of another person in certain gambling activities involving at least the partial use of the Internet. Included within the betting or wagering businesses covered by the statute are businesses that provide instructions or information pertaining to the establishment or movement of funds by the bettor or customer in, to, or from an account with the business of betting or wagering.
A broad range of gambling activities are covered by the prohibition. However, in order for any activity to trigger the statute, that activity must be unlawful under any federal, state, or tribal law that is applicable where the bet or wager is initiated, received, or otherwise made. A variety of activities are excluded from the prohibition, including certain intrastate transactions; certain bets or wagers permitted by the Interstate Horseracing Act of 1978, the Professional and Amateur Sports Protection Act, the Gambling Devices Transportation Act, or the Indian Gaming Regulatory Act; certain intratribal transactions; certain securities, commodities, and insurance transactions; certain games of skill; contests where sponsors provide credits free of charge that can be used or redeemed only for participation in games or contests offered by the sponsor; and fantasy, sports, or educational games or contests meeting certain criteria.
The statute instructs the Federal Reserve System and the attorney general to prescribe regulations requiring payment systems and participants to identify and block or otherwise prohibit restricted transactions through various policies and procedures. The statute authorizes the federal government and state attorneys general to obtain temporary restraining orders and preliminary injunctions to prevent or restrain a restricted transaction. It also provides for criminal fines and penalties.
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