Several financial organizations have finally breathed a sigh of relief, as the United States Treasury Department and the Federal Reserve have decided to give an extension of six more months to the organization, so that, they have the adequate time to implement the required amends in their business models and abolish the practice of online gambling.

The online gambling ban will now be in effect from June 1st, 2010, instead of December 1st, 2009 and this new law will greatly help people from losing their money, especially after such deep economic times. After the implementation of the new law, the financial entities will no longer be allowed to accept credit cards, online money transfers and check etc. for gambling payments.

The online gambling law, or officially known as the Unlawful Internet Gambling Enforcement was passed by the U.S Congress in the year 2006, and has been under severe skepticism from the financial sector, as they believe the law would be quite difficult to enforce as the law does not clearly state the definition of online gambling.

A consortium of financial companies had sent in petitions to the U.S Treasury Department and the Federal Reserve to extend the implementation of the online gambling law. The agencies agreed to their demands, as they had suitable reasons for requesting the stay. One of the leading organizations in the petition was the American Bankers Association.

Via Associated Press.