The U.S. Treasury and the Federal Reserve extended the compliance date by six months for banks handling payments for Internet gambling. The new rules will go into effect on June 1 instead of Dec. 1 and ban all payments from online betting. However, some states allow online wagering on horse and dog racing, while California allows lottery tickets to be purchased online. The extension will provide time to "undo this ill-advised law," Rep. Barney Frank, D-Mass., said in a news release.

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