Gambling is the action of wagering something of value in exchange for a prize. The most obvious example is a wager on a sporting event. But it is also a very general term that includes games of chance and skill.
As such, each state determines its own laws and regulations. Some states have a complete ban on gambling, while others allow online betting. In fact, the internet has made some of the most popular forms of gambling, such as poker, available to residents of almost every state.
There are also federal and state legislations that dictate the ways in which gambling can be conducted. For instance, there are laws regarding the minimum ages of players. And there are rules governing the amount of money you can gamble.
Besides these, there is also the federal Indian Gaming Regulatory Act that controls gambling on reservations in the United States. Using this authority, Congress has reshaped the landscape of American Indian gambling in the 21st century.
Aside from that, the government has weighed in on the legality of Internet gambling. The United States Department of Justice believes that the 1961 Wire Act is applicable to all forms of online gambling. It prohibits gambling across state lines, and limits the types of activities that can take place.
Other notable laws include the Safe Ports Act, which was signed by then US President George Bush in 2006. This statute prohibits banking institutions from allowing customers to send their money to offshore gambling sites.