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December 2, 2008 11:25:59 AM CST

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Big Sites Fold on Net Gambling

Posted Dec 20, 07 1:39 AM CST in Arts & Living,  Technology 

(Newser) – Microsoft, Google, and Yahoo have agreed to cough up $31.5 million to settle Justice Department charges they promoted Internet gambling by accepting advertising from gambling sites for the past 10 years, Reuters reports. The high-tech giants will pay some of that amount in fines, and will create PSAs telling young adults and teenagers that Internet gambling is illegal.

The United States has been cracking down on Internet wagering in recent years. An October 2006 law made it illegal for credit card companies to accept charges for online gambling, effectively closing the market to foreign companies. Two founders of payments processor NETeller Plc were arrested in January. In May, BETonSPORTS pleaded guilty to U.S. racketeering charges.

Source Reuters

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With TV poker and Internet casinos all the rage, gamblers are getting younger and the stakes are getting higher.   (KRT Photos)
Nate Silver left his job at a large financial firm and now plays poker on the Internet as his primary source of income. The Chicago resident says he expects to make $100,000 doing so this year.   (KRT Photos)
Steve Buding gestures as he speaks during an interview Tuesday, Oct. 2, 2007 in Miami. Budin, a self-styled offshore sports gambling "pioneer" who built a multimillion-dollar business, saw it all come...   (Associated Press)
This recent undated photo supplied by the Westchester District Attorney's office shows accused gambling organizer Adam Green. Some of the New York metropolitan area's biggest sports gamblers weren't able...   (Associated Press)
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