Categories: Market

Switzerland in lottery fever: Big deal for Swisslos management

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More Swiss people than ever before have played the lottery in recent weeks because of the possibility of a big win.
Jean Claude RaemyEconomics Editor

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.

More about Swisslotto
Big jackpot winning record
You can treat yourself to this for 64.5 million francs
56.5 million francs today!
Here’s what you need to know about the record jackpot
“I would be happy to donate 20 million”
Your chances of winning the lottery will be lowest in this canton
2222 francs per month
Lucky man wins five-year pension thanks to Eurodreams
They collected over 60 million
What does the lottery winners warn about?
ETH mathematician explains
This way you don’t have to share lottery millions

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.

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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

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