Switzerland’s casino GGR fell 2.1% while offshore demand climbed 40%

Switzerland’s regulated gambling market contracted for the second consecutive year in 2025 — and Blask data shows where the missing demand went.

The Federal Casino Commission (ESBK) 2025 annual report documents a systemic decline across the licensed sector, with total casino GGR falling to $1.08B, down 2.1% year on year.

Key findings from the ESBK report:

• Total casino GGR: $1.08B, down 2.1% year on year.
• Land-based: Revenue fell 3.9% to $694M. Casino St. Moritz and Casino Schaffhausen left the market, reducing the number of venues from 22 to 20.
• iGaming: Revenue stalled at $385M, up just 1.2%. Growth did not offset land-based losses, though iGaming’s share of total GGR rose to 35.7%. Casino Basel and Casino Montreux shut their digital operations due to unprofitability; only one new operator, Mendrisio, launched during the year.
• Lotteries and betting: Turnover fell 2.4% to $4.76B, while net player revenue dropped 3.7% to $1.48B.

Offshore demand kept growing despite domain blocks

Official ESBK blocking measures did not stop the offshore segment. The regulator blocked 580 domains in 2025, but Blask data shows unlicensed demand continued to expand.

In 2025, 89 unlicensed brands generated a combined CEB of $157.7M in Switzerland, taking 26.2% of the total market baseline of $602.3M. Monthly offshore CEB rose from $11.2M in January to $15.7M in December — a 40% increase over the year.

Bet365 remained the largest offshore brand in Switzerland, with annual CEB of $64.1M and a 39.98% year-on-year increase in demand.

The segment also kept attracting new entrants: NV Casino, which Blask Index began tracking in Switzerland in February 2026, was already growing without a Swiss licence — suggesting offshore expansion did not stop with the 2025 domain-blocking cycle.

Search demand is rising while licensed revenue falls

Search activity data shows that licensed Swiss platforms are not losing reach. Interest in local leaders grew steadily: Swiss Casino (+31.77%), Mycasino (+30.24%), and Swiss4Win (+123% from a low base).

Yet this interest has not converted into licensed revenue. A critical gap has emerged: players search for local brands, but actual deposits are flowing to offshore operators offering a more flexible product.