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How Big Is the Swiss Online Casino Market?

George Miller

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How Big Is the Swiss Online Casino Market?
Reading Time: 2 minutes

 

While the Swiss online casino market has not been thriving in the past, the industry has developed a little bit in the recent past, with an upsurge in revenues witnessed in 2018.  For the past three years, the country has recorded much progress in terms of revenue in online gambling.
This increase in Swiss casino online revenue has defined the size of the market and sees it progress steadily to what might be the next big thing in the country.

Blocking Access to Unlicensed Online Casino Operators in the Country 
Allowing unlicensed online casino operators to operate in Swiss and any other nation leads to the illegitimacy of the gambling market, hence hindering people from participating in the activity. As of the reports from ESBK, the body has been granted the authority to disband all the online casino operators in the market who lack proper licensing.
This move is geared towards ensuring that the market remains legitimate and attracts more players for better revenues. The movement also will allow the new entrants in the market to have the opportunity to operate under strict licensing and regulations, hence making the online casino market a tremendous and trustworthy industry.

Slots Casino Has Risen Significantly In Favoritism 
In Switzerland, today, online slot games and slot machines have gained a lot of popularity, and they have become bread and butter. The revenue of slots alone has risen by 2.7 percent right to 576 million dollars. This is a great indicator of the growth of the market in the country.
This increase also signified over 80 percent of the total revenue in the gaming industry in the nation. The rise of slots has become one of the significant persons for the tremendous growth of the industry.

The Outbreak of Covid-19 
Covid-19 pandemic has played a significant role in ensuring that the online gambling industry is a massive industry with higher revenues. In this, Switzerland has not been left out as it has also reaped big during this pandemic. In 2019, for instance, the Swiss Online casino market recorded over $900 million in revenues.

Conclusion 
Generally, the Swiss online casino sector has dramatically moved, and the county has a plan to make the industry even bigger. Switzerland differs from the European Union nations in terms of gambling since it majors on online casinos other than online betting and poker. Therefore, the online casino’s focus has made the industry and the market, in general, a bigger and better one compared to other gaming activities in the country.

Cryptocurrency

321CryptoCasino Strikes Industry First With TrustTracker

George Miller

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321CryptoCasino Strikes Industry First With TrustTracker
Reading Time: 2 minutes

 

Cryptocurrency operator 321cryptocasino has agreed on an industry-first partnership with TrustTracker™, a new blockchain-based tool designed to help solve the issue of player trust in the casino sector.
321cryptocasino players can now use TrustTracker™ to check that the result of every spin or bet was the same as recorded in their transaction history.

TrustTracker™ uses technology powered by the CasinoCoin blockchain to store the results of every transaction. Once integrated via a simple API, players can then use the TrustTracker™app to enter their bet code, or scan a QR code, and receive a near-instant confirmation that the result on the ledger is legitimate.

As well as being a powerful trust-building tool for casinos at a time when public perceptions of the industry are shaky, the data captured by TrustTracker™ can also be used by operators to build new products, better engage players and even boost acquisition by sharing data on everything from RTP to jackpot frequency.

Tomy Simonian, PM at 321cryptocasino said: “We understand that casino players are increasingly demanding when it comes to issues surrounding transparency and trust. TrustTracker™ allows us to place the legitimacy of our product at the heart of our engagement, acquisition and wider growth strategy.”

Andrew French, MD at TrustTracker™, said: “We have built TrustTracker™ to solve a very real trust issue within the casino industry at the moment. By utilising the CasinoCoin blockchain, we are able to seamlessly prove to players that the games they enjoy are legitimate. We aim to become the standard for accountability and visibility that our industry aspires to.”

Last year, the UK Gambling Commission conducted a survey which showed that just 29 per cent of people agreed with the statement: “Do you agree that gambling is conducted fairly and can be trusted.” This was down from 48 per cent in 2010.

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Latest News

Danske Spil Appoints Nikolas Lyhne-Knudsen as its New CEO

Niji Narayan

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Danske Spil Appoints Nikolas Lyhne-Knudsen as its New CEO
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Danish national lottery and gaming operator Danske Spil has appointed Nikolas Lyhne-Knudsen as its new chief executive officer.

Lyhne-Knudsen will assume the role on October 1, replacing Susanne Mørch Koch, who has been in the role since April 2017. Koch announced her intention to step down in March to become the new CEO of Danish amusement park operator Tivoli.

Lyhne-Knudsen joins Danske Spil from Danish public-service radio and TV broadcasting company DR, where he served as director of economics, technology.

“I am delighted to welcome Nikolas Lyhne-Knudsen to Danske Spil as new CEO on behalf of a single board of directors. Danske Spil is a modern and digital company that has managed to balance the difficult task of securing the financial foundation under Denmark association life and contribute to a balanced and responsible gaming market in Denmark,” Peter Christensen, Chairman of the Board, said.

“Nikolas Lyhne-Knudsen has the right skills and personal qualities to continue this important community mission and lay the foundation for the future of the Danish Games,” Peter Christensen added.

“I am extremely proud to be part of a historic company that has been for the benefit and benefit of the whole of Denmark for more than 70 years. Together with the rest of the team at Danske Spil I look forward to continuing to secure the financial foundation under the associations and more than 1,300 initiatives in, among other things, cultural life, sports, health and the protection of the environment and climate, which benefit every year through the distribution funds from over DKK 1 billion from the Danish Games lotteries,” Nikolas Lyhne-Knudsen said.

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Compliance Updates

Norway to Consolidate Gambling Laws Under Single Legislative Banner

Niji Narayan

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Norway to Consolidate Gambling Laws Under Single Legislative Banner
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The Norwegian Ministry of Culture is going to launch a consultation on unifying the country’s gambling laws into a single piece of legislation. The new bill would bring together the existing Lottery Act, Gambling Act and Totalisator Act under a group of gambling laws that would apply to the entire Norwegian market.

The consultation will run through to September 29, with a range of stakeholders invited to give their opinions on the proposals.

“The purpose of the bill is to improve responsible gaming [standards] and to prevent problems and other negative consequences of gambling,” Minister of Culture and Gender Equality Abid Q. Raja said.

“We still want voluntary and non-profit purposes to benefit from the profits that gambling generate, and the bill facilitates this, but at the same time also demands more efficiencies from Norsk Tipping,” Raja added.

Among the key proposals in the bill are for Norsk Tipping and Norsk Rikstoto to retain the exclusive right to offer gambling. Both operators would be subject to strict state control, including the government having a final say on board appointments to each business.

The bill would also have the Ministry of Culture assume responsibility for all elements of the gambling market, including rules governing the horse racing sector, which is currently overseen by the Ministry of Agriculture and Food.

The country’s regulator Lotteritilsynet would also be given more power to ensure that gambling is taking place legally. This would include ordering internet service providers to notify users that when they see marketing from offshore operators, this is both unlicensed and illegal.

Aside from traditional gambling, the consultation will also gather opinions on loot boxes in video games and whether these features should be covered by the new set of laws.

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