If you’re here, you’re one of two people. One, you live in Switzerland and are looking for online crypto casinos in Switzerland. Two, you are looking to change to a better crypto casino. Find our opinion of the best swiss casinos that accept cryptocurrencies in this article. Read on.
About Online Crypto Casinos
The internet brought about the creation of online casinos. However, online casinos are slowly replacing traditional ones. It is primarily because of the comfort and security online casinos offer over traditional ones. You can stake big and win big from the comfort of your home. In online gambling, there are no limits. You can bet on sports, casino games, or virtual races.
Crypto gambling means gambling with the use of cryptocurrencies. The only difference between traditional and crypto online casinos is the payment method. The two leading cryptocurrencies accepted are Ethereum and bitcoin.
What is Bitcoin?
Bitcoin is a p2p payment system on the blockchain. It simply means no entity controls the currency. In addition, rumours have it that Satoshi Nakamoto created this token in 2009. Moreover, the currency can not be printed like fiat currencies. Nonetheless, Bitcoin is a widely accepted payment method and the number one cryptocurrency. It is according to charts. Also, Bitcoin casinos expressly accept BTC as a mode of payment.
What is Ethereum?
Ethereum is a blockchain that generates ether. Ether is a store of value used to make decentralized payments. Vitalik Buterin created the ether token in 2013. In addition, you can stake ether to earn profits for holding the token. Transactions on Ethereum are super-fast. It makes it suitable for quick transactions. Also, Ethereum is the second cryptocurrency after Bitcoin. It is according to the daily charts.
In addition, there are various cryptocurrencies apart from the two listed. Moreover, a few crypto casino sites accept other cryptocurrencies. However, BTC and ETH are the two major ones.
Why Crypto Casinos?
The features of cryptocurrency online casinos are the same as those of a conventional online casino. They have the same games and features, such as live gaming, slots, and table games. Also, their mobile websites are excellent, just like other casino websites. Customers can qualify for online casino bonuses, whether new or returning players. Payments made via crypto are quick and easy.
Pros and cons of crypto casinos
No matter the advantages highlighted in a thing, there are always disadvantages. In this section, you learn the pros and cons of crypto casinos.
- Anonymity: Transactions you make on the blockchain are anonymous. If you value your privacy, this is a benefit.
- Speed: When you send or receive items/tokens on the blockchain, they are processed quickly. It is a significant advantage of this method over fiat payment.
- Transparency: Using the blockchain, you can look up each transaction’s history. As a result, fraud is less likely to occur, and casinos remain accountable to customers.
- Decentralization: No cryptocurrency falls under any jurisdiction globally. It makes it possible for you to make payments without hassles. In addition, it makes it easier to make payments globally.
- Volatility: Sometimes, holding a cryptocurrency is risky. The nature of cryptocurrencies makes them prone to severe changes within short periods.
- Country restrictions: Some countries have legislation against the use of cryptocurrency. Ensure crypto is lawful in your country before using it as a payment method.
Gambling in Switzerland
In this section, you learn how licensing works in Switzerland. You will also understand how Switzerland operates the gambling industry.
Overview of Switzerland
The Swiss country is a confederation of 26 cantons, each with its policies and laws. It is one of the wealthiest countries in the world. Also, its government gives high regard on gender neutrality.
Switzerland is famous for skiing, neutrality, and an interesting secret banking system. Because of these and others, the country has an unemployment rate of 3% and a fair max pay gap. However, despite all the wealth invested in the country, the betting industry is just finding its feet since it became legal.
History of the Switzerland gambling industry
In 1921, the government consistently banned gambling for either social or religious reasons. However, in 1993, the Federal Council lifted the ban under specific regulations. Some of these are still enforced today. The reason for lifting the ban was mainly to increase the generated revenue of the country.
After that, the gambling industry has been under two regulatory frameworks. The cantons regulate lottery/betting games. On the other hand, the federal state regulates casinos based on Casino Law (1998). However, this dual regulation system makes it difficult for both to make coherent policies. Both frameworks started an initiative to review gambling policies. In 2012, a public vote supported these checked policies. Its revision led to the creation of new online markets for casinos.
Gambling Laws in Switzerland
They apply not only to land-based casinos but also involve online ones. As previously mentioned, two laws guide land-based casinos in the gambling industry. They are the federal and cantonal laws. Federal law applies to all land-based casinos in the country. In contrast, the latter applies to local land-based casinos. It means each of the 26 cantons can set gambling laws for casinos in their areas.
However, Switzerland has strict laws regulating online gambling. The country passed the Federal Act on Money Games. It established guidelines for internet gambling. This regulation states that every casino must get a Swiss eGaming License. It is if they want to offer online gambling services in Switzerland. The law also mandates that online casinos collaborate with at least one physical casino. Furthermore, the law requires the Swiss Federal Gaming Board to blacklist all international online casinos.
Casino Licensing in Switzerland
The Swiss Federal Gaming Board issues two licenses: Casino License A and Casino License B. Casino license A is the grand license. Casinos with license A can offer a variety of casino games. You can also play with large stakes and win hefty payouts. Casinos with this license can provide infinite gaming machines and table games.
Meanwhile, Casino license B casinos can only have a maximum of three tables with this license. In addition, there are no progressive jackpots and a CHF 25 maximum betting limit.
However, the agency responsible for regulating online gambling is GESPA. They oversee sports betting, lottery, Bingo, and other skill-based games.
The Best Crypto Casinos in Switzerland
In this section, we checked out the reasons the best casinos are what they are; the best. We have picked a common denominator that makes them reliable.
Availability of Bonuses
The whole point of gambling is to have fun while making money. However, bonuses provide a soft landing for users to earn extra or lose little while gambling. Most crypto casinos offer a bonus to new users on the platform. It is an incentive to register on their site. Occasionally, other bonus offers would appear on the platform’s promotion page.
Before 2018, the Swiss government restricted online gambling in the country. Casinos that were located abroad were the only ones that players could access. However, after 2018, the government made a few adjustments to this law. This way, online casinos could only be run by partnering with land-based ones. Swiss citizens could only use online casinos based in Switzerland. In 2019, the Swiss government created a blacklist containing betting sites banned in Switzerland. It limits the options available to players in the country.
License and Registration
A local canton license and a license from the relevant regulatory body are requirements for any gaming activity. Comlot will issue permits to companies that operate lotteries and sportsbooks. Casino owners can apply to expand their services online. It is while still adhering to the local licensing process they were already following. After that, the Swiss Federal Gaming Board monitors them.
Currently, there are no laws against the use of cryptocurrencies in Switzerland. It means it is perfectly okay to use crypto as a payment method.
Games available to play in online crypto casinos
There are different games available to play in online casinos. However, most crypto casinos are usually bitcoin casinos or Ethereum casinos. They are so named based on their primary method of payment. Usually, these online casinos have the same games as you would find in a traditional one. They include sportsbooks, table games, slots, live casinos, and others.
Also, there are slots games available to play in these casinos. Most online casinos would partner with various game providers. It is to ensure a smooth slot game experience. Moreover, slot games include video slots, amongst others.
A live casino is an online casino. It is where the dealers are real people. Also, you can play the games in real-time. As a result, players can enjoy a complete gaming experience. It is similar to that found in a physical casino. Players do it using their computers to play. Also, players can even play live games at live casinos using a mobile device.
Also, there are slots games available to play in these casinos. Most online casinos partner with various game providers to ensure a smooth slot game experience. They include video slots, amongst others.
Few crypto casinos offer games that are built on the blockchain. The most interesting is Crash, which allows users to win BTC through a multiplier. For instance, players can decide to increase their winnings by delaying until a specific multiple of their wager. A player can exit at x2 or x1, which would double their bets. Everybody loses the stake when the spacecraft occasionally crashes at 1x.
Other casinos have unique games specific to their platform. They might not appear here because the games are, well, theirs. You should do your research to find the one you might love.
Crypto Casinos In Switzerland: FAQs
Do I have to pay taxes on gambling winnings in Switzerland?
Yes, you have to, according to each canton’s law.
Online gambling earnings are tax-exempt up to CHF 1 Million. Also, revenues from lotteries and skill games are tax-exempt, up to CHF 1,000. However, you must pay taxes on any unlicensed games.
What will happen if I use foreign gambling sites in Switzerland
The regulatory bodies in Switzerland intend to block the IP addresses of foreign companies that run gambling websites. However, they know locals may circumvent these restrictions by using a VPN. Website owners bear most penalties and liabilities, not individual gamblers. However, you could still face fines or jail time for breaking the Gambling Act.
How much do online crypto casinos pay in taxes?
Land-based casinos in Switzerland must pay up to CHF 10 million in taxes. It is according to Swiss gambling laws. Tariffs of up to 80% may apply to additional revenue. For the first CHF 3 million in revenue, online gambling taxes are 20%. However, they can go as high as 80%.
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