William Hill leaves Swiss market following new legislation blocking internationally licensed companies from operating there
British operator William Hill has announced that they will no longer accept bets from Swiss punters. The company informed its customers that due to 'regulatory reasons' all ante-post wagers will be voided as from June 28th.
What their reasons were isn't clear, however William Hill have stated that rather than offer their customers a cash out of their wagers based on updated odds, a straight refund made more sense. It is estimated that some 400 bets were voided in the process.
It is likely that this decision follows a 2017 mandate blocking internationally licensed betting operators from offering their services in the country - with the ban coming into effect as of July 1st 2019. While the new regulations have been slowly taking effect since January 2019, causing several operators to leave the market, William Hill decided against an early exist, opting instead to keep going until the last possible moment.
Relations between the EU and Switzerland are also strained after the country announced a 'protective plan' - that would bar EU exchanges from trading in certain Swiss shares. As a result the EU will no longer recognize Swiss stock-exchange regulations as being equivalent to its own, which means banks and financial intermediaries based in the EU can no longer deal shares listed on the Swiss stock exchanges directly in Switzerland - the move comes into effect today.