State of Gambling in Finland – New Regulation in the Works

Today, there are thousands of gambling sites that have attracted online poker players and betting lovers in Finland. Over the years, the gambling market has continued to grow even though the country offers sports betting services including casino games on monopoly. The market is estimated at EUR 400billion globally.

Veikkaus Oy is a state-run company that has offered an array of gambling services and has attracted a large fan base with thousands of enthusiasts playing live and online. Gambling being a monopoly, the Finish state has a stringent legislation Act on Lotteries. This is further supplemented by state decrees. As such, gambling (netticasino) is closely monitored by the National Police board that oversees and undertakes the necessary measures on illegal gambling activities.

Veikkaus being a company that operates legally, the Act on Lotteries in Finland doesn’t prohibit foreign gambling investors directly. This is why you will still find different foreign gambling organizations and sites offering legal gambling services in Finland.

Besides, Veikkaus Oy, Paf is a gambling service provider that has enjoyed smooth operations in the Aland Islands, since it positioned itself as an independent province. Aland Government permitted Paf to offer gambling games in Aland, the seas, and Finland’s mainland.

Finish Imminent Gambling Acts

Even though Veikkaus continue to dominate finish gambling market, it is clear that the country is willing to accept more betting investors. This is to provide more flexibility to players and the sustainability of gaming in Finland and across. As such, the Act on betting is under reforms with the state willing to ensure that service providers will be able to choose their clients for slot machines and games. Therefore, gamers will be able to play different games on the Veikkaus betting account.

With such a provision, restrain that you could only get play on slot machines if you are Finish will be eliminated. Generally, Veikkaus could only get accounts for finish citizens even though you can pay for slot machines without an account. Therefore, the proposal is aimed at ensuring the right improvements to enhance gaming in the country. The proposal is also aimed at improving the Money Laundering Act and enhancing gambling licensing procedures. The state’s proposal is to be enforced between 2019 autumn season and January 2022.

Research on formal constraints introduction on access and money have been underway by the Ministry of Interior. This was aimed at certifying that gaming enthusiasts in the country do not easily access or carry out monetary transactions with foreign gambling sites. Velipekka Numikoski who is Veikkaus vice president has been supporting the technical restrictions on money transfers. As such, the country could implement IP blocking to prevent access to foreign gambling services and sites by Finish players.

The Future of Monopoly Gambling in Finland

With the states move to revise the Lottery Act, there has been a lot of attention from different authorities including the Finish Competition and Consumer Authority. There are calls from the authority for close evaluation of the state of gambling or monopoly gambling in Finland knows This is to determine if Veikkaus truly offers any benefits that justify its existence in the Finish gambling market.

Undoubtedly, the European Union allowed for a monopoly to prevent major effects of gambling. Even so, there are immense reforms as per the National Institute for Health and Welfare that have not been successful in preventing gambling effects. The betting company Veikkaus has also been criticised for its operations in regards to marketing campaigns that excessively promotes gambling. This is why there is an immense need for thorough evaluation and amendment on monopoly gambling laws in Finland.

With different amendment proposals including restriction of money transfers, access, and IP blocking, there are still concerns on the effectiveness of the law, its implementation, and reliability especially in today’s digital world where cryptocurrencies and online wallets have taken the world by storm. Concerns have been raised on how the laws will work in the gambling world including issues raised by the Finnish Sports Bettors Association, opposing such future regulations.

In Nordic states, including Denmark and Sweden, the gambling market has been highly liberalized. As such, Finland’s monopoly laws are considered obsolete. It is not clear as to why the state wants to deregulate betting while it still closely monitors a market that can be efficiently operated with a license. Simply, the effects and the bucks of monopoly cannot be pointed out.

Therefore, the state of gambling isn’t clear yet. The question remains will Finland follow the footsteps of other Nordic nations to open its arms to a modern online gambling industry that is licensed, legal and taxed or not. Time will tell.