The $12 billion online gambling industry should be sweating, following the approval by a U.S. House Committee of a bill aimed at stopping businesses from accepting credit cards and other forms of
payment for illegal gambling. The bill would prohibit gambling businesses from accepting credit cards, checks, wire transfers and electronic funds in any online wager made or received in any location
where such a bet is illegal by federal or state law. If this legislation should pass, it could cripple the offshore gambling industry, which many Americans use to place bets on sporting events and the
like. The law does carve out exceptions for wagers on horse races, which is governed by a separate law, and fantasy sports. In a joint statement, the NFL and the MLB expressed their support for the
legislation. Some representatives opposed it, saying Congress should not try to control how adults spend their money. The bill now moves to the House floor for consideration.
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