Switzerland passes new gambling law

Switzerland passes new gambling law

The Money Gaming Act has passed a final vote in Switzerland’s parliament and is set to replace outdated gambling legislation.

 

The Swiss parliament passed a final vote favouring a new gambling legislation that is set to replace out-date gambling laws from 1923 and 1998. The Money Gaming Act covers the casino industry and the online gambling sector and will modernize the industry’s legal framework.

Despite not being strictly prohibited, online gambling was technically illegal under current legislation but international operators were able to target local players. However, the new law ends that and formally legalises online gambling, but bars international companies from operatin within the country.

Therefore, internet service providers will be obliged to block access to international gambling operators’ websites and the Swiss government will provide compensation for any expense it may provoke.

Furthermore, the Money Gaming Act limits taxation on winnings from sports and lotteries to winnings of US$1.02 million and above and won’t have land-base casino winnings taxed.

In spite of clearly passing the parliament, the new legislation was and is still being challenged by the youth organisations of the Swiss People’s Party, the Free Democratic Party and the Green Liberal Party. They are organising a referendum against blocking international operators which needs to gather 50k signatures in 100 days in order to even take place.

The post Switzerland passes new gambling law appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.


Source: EEGaming.

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