The new Money Gaming Act in Switzerland
Today we take a look at Switzerland: This year, a new money gaming law will be enacted that will – among other things – enable stationary casinos to operate online. In our new blog article you can find out what other changes there are.
Online casinos have existed in Switzerland before. However, the new law – which was passed in June 2018 – is intended to check who offers games on the Internet and whether they comply with the laws of the country much more effective. The central regulation is that the casino must have acquired its licence in Switzerland. So for example, anyone whoonly has his registered office and licence in Gibraltar may no longer offer gambling in Switzerland under the new legislation. In addition, users should no longer be able to get lost in unauthorised online games. The so-called "network block" is also intended to prevent players from being directed to exclusively foreign offers.
Classic casinos can now also apply for an online licence – corresponding applications will be examined in the first half of 2019. The problem is that many casinos cannot easily meet the requirements of the Commission of the Federal Gaming Board (FGB). For example, the equity capital must amount to at least 20 percent of the gross gaming income and the share capital must be increased by three million francs for each individual online concession. The operators now hope that foreign shareholders will subsidise the casinos.
But will there be any improvement for the players? Many games that previously could not be offered legally will in future be included in the repertoire of portals, such as poker, blackjack or roulette. And what is particularly pleasing is that the vast majority of winnings will no longer have to be taxed – the tax office will only knock at your door if the sum exceeds one million francs. All changes will not take effect until 1 July 2019.
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