Regulated Online Gambling Proposed in Switzerland

Published Wednesday, May 07, 2014 -
Regulated Online Gambling Proposed in Switzerland

The beautifully stunning country of Switzerland is famous for many things such as watches, chocolate and of course Swiss banks. Tourism is also a big part of the Swiss economy and those who like to gamble are offered legal gambling in 19 cities.The types of gambling available in Switzerland are casinos of which the largest casino Casino Lugano located in Lugano has 16 table games, 1 poker table, 350 gaming and video poker machines.
Switzerland has been looking at the prospects of opening up the gambling industry to include online gambling. The decline in tourists from Italy who have been frequenting the casino in Lugano among others for years has made the government of Switzerland redefine their focus for their gambling industry. The draft legislation will be a step forward allowing for online gambling and the land based casinos to get in on the action that the Italian, French and other bordering nations have already established. The bill also proposes that all gambling winnings be tax-free and that poker tournaments will be allowed outside of casinos. Although there is still some clarification on the details of that aspect of the legislation to be announced. The bill also mentioned the creation of a new intra-national regulatory body which would “institutionalise the exchange of ideas and cooperation between the authorities of the Confederation and the cantons.”

Swiss casinos suffered an 8 percent drop in revenue in 2012 to 757 million francs ($800 million), according to the Federation of Swiss Casinos, with not a single one able to maintain revenue at the previous year’s level. The decline suffered by casinos in French and German-speaking jurisdictions was generally less pronounced last year, the federation’s data show. It is ironic that the Federation presented a report on the reasons for the decline in casino revenue which included the introduction of regulated online gambling in the European Union and a strong Swiss franc. Swiss growth outpaced Germany’s, the most resilient economy of the 17-member currency area.

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