Swiss Prepare To Legalize Online Gambling

Switzerland is preparing to legalize online gambling, following an announcement from the country's justice ministry.

The ministry said in a press release last week that upcoming reform of Swiss casino laws will allow for licenses to be issued for online casino and poker games, the ministry announced.

It also proposed blocking restrictions against foreign operators from accessing the Swiss market without a proper license.

The ministry said that existing rules outlawing gaming at online casino had failed.

The statement was timed to coincide with the publication of a review of that gaming policy begun in 2007 by Switzerland's casino regulator, the Federal Casino Commission (CFMJ).

The CFMJ estimated the value of the Swiss online gaming market to be worth 42-67 million euros ($55-88 million) under a licensing system.

"The CFMJ believes that virtual games of chance should be restricted to Swiss territory. Future license holders will have to put in place the necessary measures to ensure that only people actually in Switzerland will be able to participate in games," the regulator said in a statement.

The next stage in the process is for the ministry to script the legal reforms, before it is put to parliament for approval.