Swiss Gambling Revenue Slips Below CHF4bn as Online Growth Loses Momentum

Switzerland’s regulated gambling market shrank in 2025, ending a run of steady expansion that followed the country’s gambling reforms and leaving total lottery and sports-betting turnover below the CHF4 billion mark.

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New figures released by the Swiss gambling regulator, Gespa, show operators generated CHF3.87 billion in turnover last year, a decline of 2.4% compared with 2024. Gross player yield — the amount retained by operators after winnings are paid out — fell even faster, dropping 3.7% to CHF1.203 billion.

The slowdown reached almost every major product category.

Online gambling increased its share of the market, accounting for 24% of gross player yield. At first glance, that suggests digital channels continued to gain ground. The underlying numbers tell a different story. Online revenue actually slipped by 1.7% nationwide. Its larger market share was largely the result of a steeper decline in land-based gambling, where revenue fell 4.3%.

The figures point to a market that is no longer being driven by the rapid online expansion seen in the years after Switzerland overhauled its gambling laws in 2019.

Consumer spending also moved lower. Average annual stakes on lotteries and sports betting fell from CHF438 per person to CHF424. The theoretical net amount lost per resident dropped from CHF138 to CHF132, based on Switzerland’s population of just over 9.1 million people.

Lottery products remained the backbone of the sector. Games such as EuroMillions and Swiss Lotto generated CHF1.277 billion in turnover and more than CHF583 million in gross player yield, although revenue was down 3.3% from the previous year.

Scratchcards produced CHF810.5 million in turnover and CHF316.7 million in yield, a decline of 2.9%. Sports betting turnover reached CHF1.174 billion, while revenue from the segment fell 4.4%.

Horse-racing pools recorded the sharpest contraction. PMU products saw turnover tumble nearly 14%, with revenue down almost 12%. Electronic lottery terminals also posted weaker results, with gross player yield falling 4.7%.

Together, lotteries and scratchcards continued to dominate the market, accounting for roughly three-quarters of all gambling revenue. Sports betting maintained its position as the sector’s second-largest segment.

The downturn filtered through to operator earnings.

Swisslos and Loterie Romande, the two organisations responsible for Switzerland’s intercantonal lottery operations, reported combined net profits of CHF814 million. That represented a 4.7% decline from the previous year.

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Swisslos recorded the larger drop, with profits falling to CHF562 million. Loterie Romande reported a smaller decrease, ending the year with CHF252 million in net profit.

Those profits carry particular significance in Switzerland because they are redirected by the cantons into public-interest projects, including sports, cultural initiatives and social programmes.

Regional differences also emerged. In Swisslos-controlled areas, lotteries and scratchcards generated almost four-fifths of gambling revenue. In the French-speaking regions served by Loterie Romande, the market was more diversified, with electronic lottery products contributing a noticeably larger share.

Away from the headline figures, regulators continued to expand enforcement efforts against illegal operators.

Gespa reviewed 42 criminal decisions during the year and assisted with 25 investigations linked to unlawful gambling activity. Its involvement ranged from search operations to digital forensic analysis and expert reporting for criminal proceedings.

The regulator also continued blocking access to offshore gambling websites. By the end of 2025, its blacklist contained 671 domains associated with unauthorised foreign operators, following five separate updates throughout the year.

At the same time, oversight of the legal market remained active. Gespa approved 62 new games and authorised dozens of product modifications. Compliance checks targeting age restrictions at retail sports-betting outlets were carried out during the second half of the year, with results delivered shortly before year-end.

The overall picture is not one of market collapse. Swiss gambling remains a multibillion-franc industry that continues to generate substantial returns for public projects. But the latest figures suggest the growth phase that followed the 2019 reforms has cooled, with both online and land-based operators finding it harder to maintain momentum.

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Source: igamingbusiness.com