Swiss Casinos Decrease for the Eight Year in a RowPublished May 12, 2016 by Lee R
Legislation needs to be effectively updated to placate Swiss online casino owners and harness revenues from an effective regulation model.
For the eighth year in a row, Swiss casino owners reported a decrease in revenue year-on-year, while calls for legislative updates abound among Swiss casino operators.
The latest drop for 2015 was 4% from the previous year, to a new value of 681 million Francs for 2015.
The trend began in 2007, when Swiss casino businesses reported yearly decreases of up to 300 million Francs, losing ground in the form of competitive business revenue to foreign internet casinos, illegal gambling clubs and new gambling halls in adjacent countries. The full hit for casino revenues since 2007 is now at a decrease of 33 percent, resulting in 40 percent fewer payments to the Swiss OASI pensions system and cantons (Swiss states).
The New Law
The Swiss casino association is hoping that a new gambling law will address these developments. Set to pass this year, the law will supposedly improve conditions for the competitiveness of Swiss market casino owners online in a country where internet casinos such as like Royal Vegas, EUCasino and All Slots are already popular among Swiss players.
Swiss Casino Demands
The Swiss casino association is still waiting for a formal legislative ban on illegal online gambling. Swiss market operators are concerned that websites from other countries or offshore are not taking sufficient measures to protect players from gambling addiction nor are they supporting the Swiss cantons or OASI.
Swiss casino owners are further pushing for a basic framework for competitive and attractive business conditions favorable to Swiss operators.
What the Law Will Do
What is known is that the new gambling law will enable third parties to host their own poker tournaments outside of casinos. The key is ensuring that tournament sponsors do not develop their own parallel gambling industry without effectively regulating that activity as well. Casinos are concerned about increasingly popular online poker bars that offer regular evening play without being regulated.
How much more is accomplished to placate Swiss casino owners remains to be seen.