First of all, this bill was added to a port security bill at the last minute. What a sneaky way of making sure a law passes. There was absolutely no discussion about this law in Congress. Who wants to be the guy who stops a port security bill after all.

Here's where the new law is loony. You can still gamble in casinos. You can still bet on horse racing and play the lottery. You just can't play poker online for money anymore. Whether you agree or disagree with gambling there's plenty of hypocracy going on here.
In about 9 months this will come into effect. Credit cards and banks can no longer process transactions dealing with online gambling. There's many online marketers who make money sending their visitors to Party Poker and similar sites. They're going to need to find a new line of work, and fast. A lot of the online gambling companies will most certainly go bankrupt or at least downsize drastically. Without US customers, they have no chance. I don't see someone in Australia betting $50 on the Dodgers game anytime soon.

What this new law does mean is that the gambling money that was going overseas will now stay here. Casinos in the US will get more business, the US economy would improve and more jobs will be created in the US. It makes sense, but not allowing someone to gamble their own money at BlackJack online in the comfort of their own home really impedes with our first amendment rights.