With the open-door policy of many European Union countries to international gambling operators and the losses faced by its own state-run monopoly, Finland faces internal and external pressure to review its Remote Gambling Act.
Finland is considered a veritable paradise with recent studies finding it to be one of the most content and secure countries in the world. Even a usually contentious pastime like gambling has found favour with the Finnish population, where rather than a vice it is seen as an entertaining and perhaps lucrative way to support the country and its charitable organisations.
Betting on a Better Tomorrow
The reason gambling is seen as a way to support the betterment of Finland is that it is run by the state-owned entity Veikkaus Oy.
The projected profits for Veikkaus are in the region of €1 billion per annum and by law are distributed among local ministry departments as follows:
As Veikkaus is state-owned they currently enjoy a monopoly in Finland which allows them to be the sole conduit for all of Finland’s gambling revenues, and as such all profits from gambling see their way into these ministry coffers.
The Winds of Change
Due to the recent financial impact of the lockdowns, Veikkaus has notified the government that they are expecting a 30% (or €300 million) decline in profits for 2020. This news has prompted many international operators to speak up on the benefits of a licensed gambling industry in Finland.
Christer Fahlstedt of PAF said:
“Finland could build a regulated licensing system that serves Finnish society and enables gamblers to exclude games and gambling ads. With a licensing system for online gaming, Veikkaus would have an equal competitive position in online gaming as other foreign competitors, who would be subject to the strict regulation in Finland”
The argument is that a wider net of providers could have ensured a more stable income from Finnish players, as various brands and offers appeal to different market segments. A sentiment which is beginning to gain popularity among the populace with a survey showing that 31% of Fins support an amended Remote Gaming Act that allows for licensed international operators.
Naturally, Veikkaus would still be a prominent presence in the country given its excellent history, local brand equity and the Finnish tendency towards supporting local enterprise.
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