Placing bets over the Internet was effectively criminalized by the federal government yesterday, as lawmakers work to eliminate an activity enjoyed by as many as 23 million Americans who wagered an estimated $6 billion last year.
Attached to a port-security bill signed by President Bush yesterday was the Unlawful Internet Gambling Enforcement Act, which prohibits online gamblers from using credit cards, checks and electronic fund transfers to place and settle bets. The law puts enforcement on the shoulders of banks and other U.S. financial institutions, some of which fought the legislation.
I know many states have laws prohibiting consumers from putting an gambling charges (including lottery) on their credit cards. Now we have a federal law that is seeking to regulate the use of Credit Cards, EFT's and even checks over the internet to pay for gambling.
This is great news from a personal finance standpoint, when you consider how many Americans spend more money then they make using their credit cards. It is great news, when many Americans gamble to the point of spending all their money, leaving their family nothing to live on. Of course they think they are going to win big, and have all kinds of money. The truth is that gambling favors the casino or state running the games of chance. If it didn't, they could not stay in business. Something I have heard many times is that,
You have a better chance to be struck by lightening, then winning the lottery (at gambling).
Now, I don't mean to make this post into an anti-gambling post, however many of the same issues do touch on very sound personal finance advice, that I through this blog promote.
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