Finland Online Gambling
For many years, gambling activities that take place in Finland have been heavily regulated and controlled by the government. Even though the European Union is pressuring Finland to end a gambling monopoly, the country is not succumbing to any of these pressures and no gambling laws have changed. Finland is home to some land-based casinos and many residents are quite fond of gambling.
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Throughout the country, players can enjoy the thrills of slot games that are licensed to charitable institutions. Funds that are earned from wagers placed must be used to fund charities. The country is also home to 78 arcades, more than 30,000 slots, and more than 250 restaurants that feature casino table games.
- The top online casinos in Finland have the capacity to deal with hundreds of thousands of transactions every day, with many being able to accept numerous payment methods. Due to the amount of money.
- Finland is one of the few European nations that still operates an online gambling monopoly. The state-run Veikkaus is the only company operating in the country that provides sports betting odds and casino.
Finland offers state-run casinos as well as online betting sites for sports wagering, but there is no legal framework in place that would prosecute any player from accessing casino sites that are operating offshore. Finnish gambling sites are named nettikasino.
Who Controls Gambling in Finland
Over the years, Finland has made no moves to end a monopoly and there are currently three companies that offer forms of gambling to residents. These three companies operate the licensed casinos operating in the country as well as the online casinos and betting sites. Here, we take a closer look at these three entities and explain what forms of gambling they control.
- RAY – RAY monopolizes all of the land-based gambling within the country. This includes any offering of table and card games as well as slot machines.
- Veikkaus Oy – This company has complete control over all instant win games as well as the national lottery and any forms of sports betting.
- Fintoto Oy – This is the last of the three companies that controls all pari-mutuel horse racing that is featured in Finland.
At this time, no licensed private operators are allowed to operate in Finland, leaving players with limited choices. With the monopoly in place, operators based in other countries are unable to enter the industry. However, players do have the option to sign up at offshore sites and engage in legal betting with no consequences.
The Lotteries Act
This is the main gambling law that is in place in Finland and the sole purpose is to protect gamblers and to minimize any negative effects that gambling activities may have on residents. This includes gambling addictions as well as problem gambling. For residents to take part in any form of gambling they must be at least 18 years of age. The current laws have been designed to protect underage players.
The country has strict regulations in place when it comes to online gambling, As part of the Act, those looking to play at any online casino that is state-run will have to pass a verification test. This requires individuals to prove their age, physical address, and identity. This process is required for anyone that wishes to access games provided at an online casino in the country.
There are also strict rules in place regarding the advertising of gambling. It is illegal to offer any advertisement to anyone under the age of 18. Any ad that is designed to make gambling activities attractive is prohibited. Games that are played for real money can only be advertised in casinos and arcades. They cannot be presented on television or any social media platform.
Online Gambling in the Future
There have been some efforts to reform the Lotteries act, though these will not have any focus on offering private operators the ability to enter the Finnish market. Instead, the reform would be focused on strengthening the current state-owned companies. There is also talk of trying to block residents from accessing any offshore sites and transferring money into accounts at online casinos.
The effectiveness of IP-blocking has not been proven and many other countries have taken a similar approach with no success. With the use of ewallets and cryptocurrencies, players will still be able to join a casino in another country and conduct real money transactions. This is easily done by using a VPN to navigate any blocking tactics that are taken.
The Finnish government believes that by offering only state-run casinos and online betting sites, revenue will stay in Finland and benefit the economy and the government. Those that oppose current legislation state that the country is losing funds to foreign sites. They state that if online gambling was decentralized, the government would be able to collect taxes to boost revenue.
Despite the arguments of the benefits of opening online gambling doors, Finland remains a tightly regulated country and has taken no further steps to allow the gaming industry to grow outside of the current monopoly. Players can continue to access offshore sites to have a larger selection, though they will have to circumvent any blocking that is in place.
Finland is one of the few European nations that still operates an online gambling monopoly. The state-run Veikkaus is the only company operating in the country that provides sports betting odds and casino games. This monopoly is remaining in place, yet Finland’s online gambling market is finally set to expand.
It’s great news for this nation well-known for its huge gambling fan base. Today, we’re looking into how this market is expanding. We will also be explaining what this means for Finland’s online gambling industry moving forward.
Gambling Industry in Finland Still Dominated by Veikkaus
It’s rare nowadays to see a major European country with such a closed-off internet gambling market. Unfortunately, that’s the way it is in Finland. For many years, three government-operated gambling companies were offered here to players. In 2017, these three companies joined under the new name, Veikkaus.
The fact that Finland operates a monopoly doesn’t exactly sit well with the EU. In 2012, the European Union conducted a study to determine whether or not Veikkaus’ hold over the online gambling industry was legal. Finland argued that by having only one internet gambling company, bettors here are better protected from abuse and problem gambling.
In 2013, the EU conceded. They continue to allow this country to operate its own monopoly over the online gambling market. To the government’s credit, Veikkaus has been surprisingly successful in generating revenue.
There are still many that are calling for this country to open the doors to foreign gaming companies. Sweden’s government recently began allowing internet gambling companies based abroad to operate in the country after obtaining a license from the government. Will Finland ever decide to do the same?
Finland’s Online Gambling Market Begins to Expand
This country’s government doesn’t seem too interested in allowing foreign gaming companies to enter the market. They are, however, ready to give bettors in the country a few more options. This week, Veikkaus announced it has agreed to a partnership with International Games Technology (IGT).
This partnership will last for an initial period of four years. One of IGT’s division suppliers, PlayRGS, will provide installation, maintenance, and support services to Veikkaus. It also includes a full library of PlayRGS’ slots, table games, and video poker services.
CEO of Veikkaus Olli Sarekoski commented on the major gaming expansion to the media this week.
“This agreement gives the lottery enhanced flexibility to offer our players the games they want and ensures the sustainability and ongoing success of our digital program,” he said. “Veikkaus is committed to engaging our players with a variety of highly entertaining games across all channels.”
International Games Technology already has a major presence in the Nordic region. This company provides gaming software and support to both Danske Spil in Denmark and Norsk Tipping in Norway. Finland’s online gambling market is now set to expand. Does this mean the country’s online gambling industry will remain closed off forever?
Future of Online Gambling in Finland
At the moment, there are no reasons to believe Finland will open its doors to foreign gaming companies. As we just mentioned, Sweden recently did just that with varying degrees of success. Their online gambling revenue has increased, yet gambling addiction rates here are slightly increasing. That’s quite a feat, considering Sweden has some of the tightest online gaming regulations in Europe.
Sweden isn’t the only country struggling with gambling addiction. According to the Irish Post, the UK and Ireland are both working to revamp their current set of gambling laws. Both these nations have unsettlingly high rates of problem gambling.
If it’s not broke, don’t fix it. Finland’s online gambling market continues to generate significant revenue, despite the lack of options for players. Interestingly, even this country seems to be struggling with rising gambling addiction rates. Lawmakers here recently approved stricter regulations over the online gambling industry.
It wouldn’t be a total surprise to see Finland open its market eventually. Regardless of how you look at it, the government here would stand to benefit if more sites were operating and taxed. We’ll keep you updated on any changes to Finland’s internet gaming laws as they happen.
Do you think IGT will help to make Finland’s online gambling industry stronger? When will this country allow foreign gaming sites to begin operating? Let us know in the comments section below!