Section 62

(1) Notwithstanding anything to the contrary in any other law, the
gaming trade income of lottery and gaming trade or business shall be charged to tax in
or business
accordance with the provisions of this Act.
(2) In determining the assessable profits of lottery and gaming trade or
business, the following deductions shall be allowed, in addition to other deductions
allowed under Chapter Two of this Act –
(a) any amount paid as winnings, prizes or similar payments from the
relevant Prize Fund;
(b) agency commission expenses incurred; and
(c) levies paid to relevant regulatory and government authorities as
contained in relevant federal or state laws.
(3) For the purposes of this section –
"gaming" includes gambling, wagering, video poker, roulette, craps, bingo,
slot or gaming machine, drawings or other games of chance conducted by
any person; and
"lottery" or "lotteries" includes any betting, game, scheme, arrangement,
system, plan, promotional competition or device for the distribution of prizes
by lot or chance, or as a result of the exercise of skill and chance or based
on the outcome of real or virtual sporting events, or any other game, scheme,
arrangement, system, plan, competition or device.