Switzerland’s regulated casino sector pulled in combined gross gaming revenue of CHF878.5 million ($1.08 billion) in 2025. That’s a 2.1% drop from 2024’s CHF898 million. The slide reflects real pressure across the nation’s gambling landscape, with both land-based venues and online operators working through a tightening market.

Land-based Casinos Bear the Brunt

Land-based operations took the harder hit, generating CHF564.9 million in 2025, down 3.9% year-on-year. Online platforms, by contrast, showed more backbone. They posted CHF313.6 million in revenue with a modest 1.2% increase, suggesting a gradual shift toward digital channels even as the overall market softened.

The casino sector’s performance mirrors struggles elsewhere in Swiss regulated gambling. Lottery and sports betting turnover fell 2.4% to CHF3.87 billion in 2025, while gross player yield declined 3.7% to CHF1.203 billion. This points to systemic headwinds rather than casino-specific challenges.

Regulatory Landscape in Flux

The past year brought significant operator consolidation and portfolio reshuffles. Casino St. Moritz closed permanently in April amid financial pressures. The ESBK revoked its concession in August with no plans to re-tender before a scheduled 2028 federal review. Casino Schaffhausen, meanwhile, shuttered in October after 23 years of operation, with its business absorbed by Casino Winterthur.

The online sector saw notable volatility. Casino Mendrisio launched digital operations in July. Casino Basel and Casino Montreux, though, exited the online market after determining the business model wasn’t financially viable. Casino Davos staged a temporary closure for relocation and reopened successfully in December.

Switzerland ended the year with 20 land-based casinos and nine online operators under the newly commenced concession cycle extending to 2044. Federal casino levy collections totalled CHF263.1 million, down 2.1% year-on-year. Of that, CHF219.99 million went to the federal government and CHF43.08 million to cantonal authorities.

Regulatory Enforcement Intensifies

The ESBK reported a marked surge in illegal online gambling activity during 2025, consistent with patterns across Europe. Enforcement efforts included 580 domain blocks targeting unauthorised operators and 105 new investigative cases, reflecting closer coordination with cantonal police and prosecutors.

A significant regulatory development emerged in January 2025. Switzerland and Liechtenstein implemented automatic mutual recognition of player exclusion orders. The move strengthens cross-border player protection, though the ESBK flagged concerns over the maintenance of exclusion registers, noting instances of outdated or incomplete information. The regulator hinted at potential legislative amendments to improve system effectiveness.

The commission also called for expanded European cooperation to combat illegal cross-border gambling operations. Domestic enforcement alone cannot adequately address the challenge.

What the team thinks

Carl Mitchell says:

Switzerland’s 2.1% dip is a reality check that even the most regulated markets aren’t immune to player fatigue and tighter affordability pressures, though I’d argue Philippa undersells the resilience here, considering the sector still moved nearly 1.1 billion in revenue despite headwinds. What interests me more than the headline decline is where players are actually migrating, because that 3.9% land-based drop likely masks a more nuanced shift toward online channels that the data seems to gloss over. The real story for operators isn’t accepting the slide, but understanding whether this is cyclical market correction or a structural change in how Swiss punters engage with gambling, and that’ll determine whether 2026 sees recovery or further contraction.