1 Week ago President George W Bush Signed a law banning banks and other financial institutions from transferring money to any Account used to place wagers online, but will this really work.
Many in the banking industry don%u2019t see how its possible. Right now there is no system available that will allow them to know what accounts are for what. They can easily stop transfers directly to the casinos, but since 2002 it has been illegal to use an American credit card for the purposes of online gambling.
What they can not stop are transfers to third party accounts like PayPal or Click2play. These are accounts that can be used to transfer money from your bank for purposes of purchasing items online as well as for placing bets at online casinos.
Since the banks have no idea what the third party does with the money they can not actually stop them, and since these companies are not based in the USA, what they do with the money is not subject to the new laws.
So for at least right now the only way the Unlawful Internet Gambling Act can be enforced is if the companied acting as third parties and the casinos themselves decide not to take bets from American customers, but since that would not be in their best interest chances are they will not.
