NO! There is no federal law that makes the act of wagering online illegal! The only federal law that addresses gambling is the wire act from the 1960's which makes it illegal to place wagers via the telephone. The US government passed a port security law and tacked on provisions that make it illegal for BANKS, not players, to fund or accept payment from gaming sources. The only problem is there are hundreds of third party methods available for funding and no way to trace ACH credits. In other words, the new provisions are only for show and the end result is a waste of ink.
I have wagered online for years and make good money betting on sports.