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Placing bets over the Internet was effectively criminalized by the federal government yesterday, as lawmakers work to eliminate an activity enjoyed by as many as 23 million Americans who wagered an estimated $6 billion last year.

Today, Bush signed into law a bill that lays a major blow to online gambling as we know it. Here’s more details on the new bill.

Attached to a port-security bill signed by President Bush yesterday was the Unlawful Internet Gambling Enforcement Act, which prohibits online gamblers from using credit cards, checks and electronic fund transfers to place and settle bets. The law puts enforcement on the shoulders of banks and other U.S. financial institutions, some of which fought the legislation.

I’m so grateful that Bush and our government put this into effect. There are way too many children that are becoming addicted to online gambling. It’s a sad epidemic that is still going to continue in some other way, but at least this new bill will hopefully prevent many people from wasting their money gambling.

Don’t get me wrong. I love to play poker with friends. I know all the poker rules out there. My wife and I love to play against each other (she always beats me). However, anyone that wastes there money gambling is walking a fine line of addiction. I live in Las Vegas so I know all about it. Yes, I know that many people can control themselves and only spend a few dollars. However, for every story of people controlling themselves there are stories of broken families, lost savings, and addiction that tears people apart.

I think this bill is a great step in the right direction to preventing children from participating in gambling online.