'The legislation does include exceptions for horse racing.
A U.S. House committee approved a bill aimed at curbing the Internet gambling industry by stopping business from accepting credit cards and other forms of payment.
The bill, heard by the House Financial Services Committee March 15, would prohibit a gambling business from accepting credit cards, checks, wire transfers, and electronic funds transfers in illegal gambling transactions, according to Jay Hickey, president of the American Horse Council.
The bill, sponsored by Republican Rep. Jim Leach of Iowa, now moves the House floor for consideration.
It would also set a maximum prison sentence of five years, up from two years, for a violation of this act. The legislation allows states to continue to regulate gambling within their borders.'
"A U.S. House committee on Wednesday approved a bill aimed at stamping out the $12 billion Internet gambling industry by stopping businesses from accepting credit cards and other forms of payment.
"The bill, cleared by voice vote in the House Financial Services Committee, would prohibit a gambling business from accepting credit cards, checks, wire transfers and electronic funds transfers in illegal gambling transactions."
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