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Switzerland’s Parliament members is reported to have agreed on a compromise over taxes on winnings from lotteries and sporting bets, replacing the country’s existing gambling laws with a new Money Gaming Act, which deals with new online markets.
As per the new Money Gaming Act, lotteries and sporting bets would be taxed only when winnings cross CHF1 million. Also, only the local land based casinos will be able to apply for online gaming licenses. The main objective of the law is to combat fraud.
With the new legislation, Switzerland will be replace the outdated 1923 Lotteries and Betting Act and the 1998 Gambling Act.
This new Money Gaming Act is now head to parliament for a final vote before being adopted into law.
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