The latest version of the Internet Gambling Prohibition Act, S.692 (the "Kyl" bill), is officially in the record books. It's been groomed a bit since we last saw it, but the framework generally remains the same. The text of the bill, a report on the bill's status and a statement can all be viewed here.
The 1999 version of the Kyl bill is a bit leaner than its 1998 predecessor, but it's still destined to be a classic. A few major changes this time around include the removal of penalties for placing bets and the exclusion of fantasy sports. Additionally, in an effort to open one less can of worms, the new version no longer includes liability on the part of Internet service providers. Several other changes were made to take away some of its bite, including the exclusion of sites that feature news reporting, analyses, odds, results, schedules, or categories of wagering, as well as sites that post educational information on how to gamble.
Bill Summary & Status
Statements on Introduced Bills and Joint Resolutions
S.692 (Sec. 1-2)
S.692 (Sec. 3-6)