There is a major issue to be dealt with, which is spreading with little regulatory oversight and no effective screens against participation by the young and the vulnerable. Internet gambling represents one of the fastest growing segments of online activity with more than seven hundred web sites now providing users the opportunity to wager everything from casino games to sporting events. According to internet research firms, the industry will pull in $1.5 billion in world-wide revenues this year. That figure is expected to hit at least $6 billion by 2006. Also, a survey conducted by the Pew Internet and American Life Project concluded that $4.5 million Americans have gambled online and that 1 million gamble online everyday. There are many different issues dealing with the legalization of online gambling. The current law dealing with online gambling is the Wire Transfer Act of 1961. Under this statute, the law is violated when telephone lines are used in interstate or foreign commerce to place wagers. The statute also bars the transmission of information that assists be......

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