The indictment also seeks recovery of any property obtained as a result of money made on the venture.
Larry Woodward, Vick's attorney, did not return a call from ABC News Tuesday evening.
The league, which is in the middle of an off-season disciplinary crackdown on players who get in trouble of the field, responded quickly to the indictment against Vick, suggesting the quarterback would not face league punishment until his case is resolved in court.
"We are disappointed that Michael Vick has put himself in a position where a federal grand jury has returned an indictment against him," NFL spokesman Brian McCarthy said. "The activities alleged are cruel, degrading and illegal. Michael Vick's guilt has not yet been proven, and we believe that all concerned should allow the legal process to determine the facts."
The Atlanta Falcons organization also issued a statement Tuesday night.
"This situation has been troubling to many people, including our fans, during the last few months," the statement read. "With today's news, our club and team will continue to be tested as Michael works through the legal process toward a conclusion."
The team expressed disappointment that a Falcon player would be presented to the public in such a negative light and apologized, but also emphasized the need to focus on the upcoming 2007 season.
"Obviously, we are disturbed by today's news from Virginia," the statement read. "However, we are prepared to deal with it, and we will do the right thing for our club as the legal process plays out.
"We have a season to prepare for and training camp opens next week. Our plan is to continue to do everything we can to support our players and coaches."