Internet Gambling Regulation and Enforcement Act of 2007 - Amends federal law governing monetary transactions to establish an Internet Gambling Licensing Program administered and enforced by the Director of the Financial Crimes Enforcement Network (Director).
Prescribes requirements for the licensing of Internet betting or wagering.
Provides that activities involving investment banking, payment and transaction processing, and financial transactions are shielded from liability if they are conducted in compliance with this Act and specified law.
Authorizes states, Indian tribes and sporting leagues to prohibit internet gambling licenses.
Subjects violators of this Act to criminal penalties.
Instructs the Director to report annually to Congress on the licensing and regulation of Internet gambling operators.