Online gambling in Switzerland has been a touch-and-go experience since casinos moved to the internet. An interesting lack of laws followed by a surge of regulations managed to turn the online casino Switzerland industry on its head.
Most players in Switzerland and around the globe have noticed growth in the virtual gambling sector. But just how much has it grown? Keep reading for a brief glimpse into the history, change, and success of the Swiss gambling market.
Prior to 2019, the laws around online gambling were hazy at best. Players living in Switzerland could play casino games online without direct legal repercussions. However, other issues arose and unscrupulous websites saw an opportunity.
The came to a head in 2018 when the Swiss government recognized how much profit had been lost. Players were also upset to find that their interests, money, and information weren’t necessarily protected when they gambled internationally.
To solve this issue, Switzerland passed iGaming legislation. The new regulations implemented a collection of rules, which became effective in January 2019. These regulations stated that international casino operators could not offer online games to Swiss residents unless they received a license from the ESBK.
Also, read How to Choose Online Casino Games
Revenue through the end of 2019
With the new iGaming regulations, casinos were given 12 months to obtain a valid license. Several government organizations worked together to monitor the new system. By the end of the required registration period, over 140 casino operators were blacklisted in Switzerland.
The effect of this was noticed immediately. First and foremost, Swiss players were guaranteed a new level of protection when gambling. Casinos who violate fair operating regulations can be fined or blacklisted by Switzerland.
Additionally, there was a large spike in revenues for local operators who offered iGaming. The overall GDP rose by a staggering 5.5% in just a handful of months.
2020 profits and beyond
There was no doubt that these new levels of regulations were working well. Local casinos were thriving and helping the local economy, and players felt safe wagering online. Then the COVID-19 pandemic arrived in early 2020.
Over the last year, Switzerland’s already impressive revenues have grown even more. More players are stuck at home and looking for new and exciting forms of entertainment. This additional boom in online gambling equated to more than $900 million in additional profits and taxes on casino sites.
It’s most interesting to note that the number of online casinos operating in Switzerland is limited. In fact, there are only 21 casinos located in the country at all, and just six of them offer online gambling options too. It will be interesting to track how the market looks by 2025.