New limitations, will soon go into effect for internet gambling sites.

The U.S. Federal Reserve and Treasury Department gave banks and other payment companies one year, to stop transfers to the websites.

The new restrictions are part of the Unlawful Internet Gambling Enforcement Act of 2006, which made any payments to gambling sites illegal. The new section established today, bans payments from credit cards, electronic fund transfers, and checks to any kind of online wagers.

All companies must have a system to stop it by December 1, 2009.

The original law has not done much but cause some conflict because it didn't clearly define what constitutes illegal online betting. The new rule does not fix that.

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