Swiss vote to block offshore bet sites

Jun 12, 2018 3:00 AM

Election results in Switzerland indicate voters Sunday approved measures to license online gambling only through Swiss companies and to block offshore online gambling sites. Additionally, voters rejected a referendum that would have made sweeping changes in their country’s monetary and banking system.

By blocking offshore sites, the country is hoping to preserve tax revenues from gambling.

The rejected “sovereign money proposal” relating to banking would have barred banks from creating new money when they grant loans, a measure supporters said would reduce the chances of a future financial crisis.

Opponents said it was an unwarranted experiment with Switzerland’s financial system.