The Swiss Confederation, which is landlocked, is renowned for chocolate, neutrality, skiing as well as a banking system that is somehow mysterious.
In spite of the nation’s status of being a global tax sanctuary, Switzerland has a low level of employment (3%). It is even thinking of implementing a 12:1 optimal pay gap between the most paid employee in a firm and the lowest. But, despite all the riches invested in the state, the sector for national gambling is just starting to find its way, especially online.
The Legal Setting
In 1921, any gambling was formally restricted in Switzerland. The ban remained in effect until 1993. Even this latest regulation failed to entirely reverse the ban, only allowing casino gambling with regulated stakes.
Some years after this, a change was made to the Federal Law on Games of Chance and Casinos to permit unrestricted stakes gambling in casinos in Switzerland. The appeal of this latest step appears to have been instant; 1/5 of the residents in Switzerland were now grouped as regular gamblers and more than 50% of the population playing the lottery frequently.
Currently, there is overall of 19 casinos scattered over 26 member states (cantons), in Switzerland as well as eleven tracks for horse racing.
No canton consists of more than one of each; however, in these places, everything such as pari-mutuel betting and slot gaming is allowed.
Even though a nationwide lottery remains unlawful under the regulations of 1921, the cantons were given the freedom to implement separate state lotteries. A number of them have currently come up, and just two firms now operate the lottery:
- The Societe de la Loterie de la Suisse Romande that runs the Loterie Romande.
- Swissloss, which operates Sport-Toto.
In 2004 these two establishments became part of the Euromillions and currently provide regulated sports betting. But, online casinos and online gambling in the Swiss Confederation remain technically unlawful, even though there is a possibility that this is going to change soon.
Presently, the Swiss government is considering implementing a law to the market of online gaming. An initial evaluation was started when 2013 was drawing to a close. Even without this, the Swiss cannot establish the online gambling ban; therefore, usually people get a way of accessing sites.
Since the national Switzerland languages include German, Italian and French, players from each canton do not experience hardship getting online casinos, which meet their exact requirements. Swiss banks do not object at all to transferring money to online bookmakers, even if they are situated overseas.
Other than the lottery and horse racing, similar to many other European states, the Swiss present a state of very ardent football supporters. The state collaborated with neighboring Austria to host the UEFA European Championships in 2008 and became eligible for Brazil 2014 and South African World Cup of 2010.
Also, rugby has confirmed to be an outstanding option for sports betting; the first Swiss rugby team existed in 1869. Because of the fantastic slopes situated in exceptional resorts such as Zermatt, St. Moritz, and Gstaad, gamblers as well as spectators also keenly follow skiing as well as other winter games.
Main Gambling Functions
From each of the availed casino games, poker is among the most popular among Swiss players. The yearly Swiss Open Poker Championship has been in operation since 2006. It occurs in late September, normally in the Gran Casino Baden or Grand Casino Bern. This occasion does not just appeal to the best players in Switzerland but the leading talent from throughout Europe.
The Prospects of Gambling in Switzerland
The numerous methods of gambling have verified to be extremely lucrative for the Swiss government, mainly through casino taxes. However, in spite of the cash being reinvested charitably by the non-profit lottery firms, some are worried about the health problems that have come up because of the rising popularity of gambling in the state.
But, with the unavoidable authorization of online gambling drawing even nearer, it appears that the Swiss government is going to proceed to embark on the money train, which the sector is heading to; a future that is even more profitable.