Swiss gambling law overcomes final hurdle
Parliament has agreed on a compromise over taxes on winnings from lotteries and sporting bets, clearing the way for the adoption of a single overarching law on gambling.
By agreeing that lotteries and sporting bets would be taxed only if the winnings crossed CHF1 million ($1.029 million), parliament removed the last obstacle for a unified law on gambling. This exemption ensures that all forms of gambling are treated equally when it comes to taxation, as previously only winnings from lotteries and sporting bets were taxed and not money won in Swiss or foreign casinos.
The compromise clears the way for a new law on gambling, replacing the 1923 Lotteries and Betting Act and the 1998 Gambling Act. The new law takes a tougher stance on online betting with a view to protect minors and prevent money laundering. Only entities based in Switzerland will be allowed to operate online betting games. Winnings from online gambling will also be subjected to income tax.
It is not all bad news for gambling fans. Small poker tournaments will allowed outside of casinos.
The gambling bill is due for a final vote before being adopted into law.
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