New law faces resistance from youth organizations

Swiss lawmakers green light online gambling legalization

The new rules cover both the casino industry and the online gambling sector which was not specifically prohibited in the European nation.

Switzerland 
| 12/10/2017

The Parliament of Switzerland has approved the so called Money Gaming Act that will replace the country's antiquated gaming laws –the Gambling Act from 1998 and the 1923 Lotteries and Betting Act–, officially legalizing online gambling.

The new rules cover both the casino industry and the online gambling sector which was not specifically prohibited in the European nation, falling into a grey area that allowed international operators to target local players.

Under the new law, foreign companies have been formally banned from operating in Switzerland. According to World Casino Directory, only locally licensed operators who have already established a land-based presence in the Swiss casino sector will have a greenlight to run online gambling services. Furthermore, foreging websites will have to be blocked by Swiss ISPs (Internet Service Providers).

Meanwhile, the legislation also sets new tax values for winnings from lottery or sports betting which will be applied only if  if exceeding CHF 1 million.

The new regulatory framework is expected to take effect in January 2018. However, opposition by youth organizations in the country with anti-gambling groups already starting to collect 50,000 signatures to initiate a referendum and block the updated law.

 

 

Yogonet.com