PokerStars has confirmed that they are temporarily withdrawing from the Swiss online gambling market as the new Swiss gambling regulation calls for only licensed overseas operators to offer their products to Swiss customers.
While the online gambling brand will no longer be available to Swiss customers, the company has said that they would return with a partnership complying with all new regulatory obligations.
Earlier this year, the new Money Gaming Act was approved, and it was announced that the new regulations would come into effect from July 1.
According to the new regulations, all online gambling operators willing to offer their services in the regulated Swiss market would have to partner with 21 licensed land-based casinos in the country.
Those failing to secure a partnership and the necessary permission would be blacklisted from the Swiss market and may also face authoritative action.
Following the new regulations coming into effect, and in the event of failing to secure a partnership with a local licensed casino, PokerStars has pulled out of the market. However, they had confirmed that the company is seeking a partnership deal and would return soon.
Currently, four land-based casinos Grand Casino Baden, Casino Davos, Grand Casino Luzern, and Casino Pfäffikon are allowed to offer online gambling.
Amongst the others who have pulled out of the Swiss Market, is UK-based bookmaker, William Hill. The company announced they would not be accepting wagers from their Swiss customers citing regulatory obligations.