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For several weeks, Switzerland has been eagerly awaiting the ever-increasing Swisslotto jackpot. This attracted the attention of a large number of casual players. The prospect of making an immediate profit of 65 million francs was tempting.
Now one person has won the million dollar prize. Everyone comes empty-handed. Not surprising considering the odds of winning are 1 in 31 million.
Swisslos management’s “chances of winning” are much higher. The seven-member management team earned a total of 2.11 million francs in 2022, or an average of 301,429 francs, according to the calculation of the “SonntagsZeitung”. Now that there are only six members of the board, that figure is unlikely to drop. Figures for 2023 are not yet available.
Cantons as beneficiaries
Swisslos has a monopoly position in German-speaking Switzerland and Ticino, is completely exempt from federal and cantonal income tax and carries almost no risk. The only risk would be the discontinuation of many charitable projects and organizations supported by lottery winnings. Since 2010, revenue has increased thanks to the Swiss people’s passion for gaming.
Cantonal governments derive political benefit from this. They can use the lottery funds they operate to ease the burden on their regular budgets and finance worthwhile projects. Problematic: As owners of Swisslos, the cantons are also providers of lottery games, but they are also responsible for supervision and regulation and ultimately benefit from millions in winnings, which they can distribute as they see fit. A classic accepted conflict of interest.
inappropriate funds
Swisslos paid a profit of 490 million francs in 2022. 56 million went to the Swiss Foundation for Sport Promotion, which uses Sporthilfe to support the Swiss Olympics as well as the training and promotion of young talent in football and ice hockey. 434 million flowed into various lottery and sports funds of the cantons. By law, the funds must be used for charitable purposes. But a study by think tank Avenir Suisse lists several examples of how money is sometimes misused. For commemorative publications, travel, new buildings, budget assistance or place promotion.
The seven-member Swisslos Board of Directors consists of current and former government and state councilors representing the cantons. As long as millions flow into cantonal lottery funds, they will not interfere much in Swisslos management.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
