Regulation coming to internet gambling in Switzerland
Switzerland, like many other European countries, has begun the first step to regulating gambling online in the country. This comes after 5 years of debate on the issue, after the release of a report that had implications that would see heavy penalties being applied to those offshore who continued to offer services in Switzerland.
The new laws that are expected to pass will control licensing, taxation of those licensed and potential taxation on winnings, problem gambling, underage gambling and regulation on operations of those licensed within Switzerland. It is unknown if this will only relate to those current license holders or will include offshore operators.
At this time 19 land casinos operate in Switzerland. It is expected that the language of any new laws will permit those casinos to submit applications for licensing. It is also expected that many of those will begin to seek out the services of online software companies to power their casinos once this law and licensing goes into effect. The exact time line on this is some time away but will eventually happen.
Many European countries have taken to regulating the online gambling industry within their countries as a way to generate additional revenue. This came to light after the recent global financial crisis that saw countries like Spain, Greece and Portugal, suffer serious impacts to their ability to generate revenue needed to operate the country.
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