The popularity of online gambling continues to spread across the world. Enthusiastic gamblers exist on all four corners of the globe. Local governments in various countries, however, don’t always seem thrilled to accept the business of an online gaming enterprise. Each year, there does seem to be continued progress on the growth of online gambling into new territories. Recent news out of Switzerland shows a new territory may be primed for online wagering.
A New Law Emerges
A new law referred to as “The Money Gaming Act” goes up for a vote in Switzerland on June 10, 2018. The law is not a comprehensive one. In fact, the law would legalize only online poker, roulette, and blackjack. The doors in Switzerland won’t be open to massive casino gambling as found in other parts of the world. Still, the passage of the law would be a start. Legal gambling has to commence in some form before it can grow. Legalizing three types of popular casino games certainly reflects a promising start for online wagering.
Interestingly, the law won’t allow foreign companies to launch online casino endeavors in Switzerland. The country’s legislators admit the high taxes on gambling make foreign investment an undesirable proposition for many foreign companies anyway. As such, Switzerland won’t add an inclusion for foreign casinos within its borders.
A Revenue Generating Exercise
A desire to procure funding sources drives the interest in approving online gambling. Online gaming companies, like other companies, must pay taxes on their revenues. A large portion of the taxes would then be funneled to retirement pensions. Estimates suggest more then $300 million would find its way into the pension fund. Such an influx of revenue could greatly alleviate pressures the pension find may be currently facing.
Public support for the legalization of online gambling ranks high. Likely, the ability of online gambling to fund shortfalls in government programs such as retirement funds drives the approval numbers up. The public probably also looks at online wagering in other neighboring countries and fails to see any downsides. That improves popularity numbers as well.
Protections in Place
Another item may be driving the popularity of The Money Gaming Act. The legislation clearly establishes specific protections for players. Any entity that attempts to circumvent the Internet Service Providers in Switzerland will run into a brick wall. ISPs can and will block any online casino originating from a foreign territory.
Taking such actions ensures no gaming enterprise sets up shop in Switzerland while circumventing strict Swiss laws. Operating a casino in the country requires adherence to significant regulations. A foreign company not beholden to those laws might not be the best casino company to patronize. Residents of Switzerland, however, may not be able to tell if the online casino is authorized or not. By blocking ISPs of foreign casinos, confusion in the market won’t exist.
The Money Gaming Act also takes several steps to prevent minors from gambling. The public generally feels more comfortable with wagering ventures when minors aren’t targeted as potential future customers.