Finland’s state-owned casino and betting agency Veikkaus announces hundreds of jobs will be lost and blames poor financial performance. Yet other regulated markets are seeing fantastic returns. The only difference is a monopoly versus an open market.
Finland is one of the last few countries clinging to the notoriously outdated gambling monopoly. They have been vocal in the past about their belief that only allowing gambling at state-owned venues and online sites is the only way to ensure player safety.
Maarten Haijer, Secretary-General of the European Gaming and Betting Association (EGBA), once said:
“The Finnish government has long justified its monopoly with its belief that the state is better placed to protect consumers. If that were true, Finland should have the lowest rate of problem gambling in the EU since it is the only member state with a state-run gambling monopoly. Spoiler alert: this is not the case.”
In addition to Haijer’s point above Finnish safer gambling figures, the success of multi-licensed gambling across most of Europe and North America further proves this position to be objectively false.
Losing Income Means Losing People
Yet despite their protests and protectionist position, Veikkaus, the Finnish national gambling agency, announced they would be cutting back on their staff complement due to the market's financial challenges.
Veikkaus Director of Channels and Sales Jari Heino said:
“We will plan the changes in a way that emphasizes our care for people so that we can offer new jobs for as many Veikkaus employees as possible. One concrete example of this is Casino Tampere, to be opened in December, which has job openings for about 50 gaming industry professionals to work in a completely new type of a casino.”
Despite controlling more than 80% of the Finnish gambling market, online and offline, Veikkaus will be firing 200 staff members and more than 800 other staff will likely be given “new terms of employment contracts” which puts them in a position to be let go should the company deem it necessary.
Come In the Water Is Fine
This news comes as other European and American agencies are announcing record months as land-based and online gamble spend improves as people return to work and businesses begin functioning more normally.
The successful launch of many sporting seasons such as the European Football League and the NBA in the US has also seen an online betting boom as punters flood back to their favourite online and mobile gambling sites to back their favourite teams.
The fact of the matter is that while at present the Finnish market might be worth more than €1.2 billion under current monopoly, by opening its borders to regulated international online casinos and sportsbooks the country would receive much-needed revenue from license fees and gambling taxes.
In addition to those direct income sources, the country’s experienced gambling staff would be hired to run local offices and manage player retention. The local media companies would see an increase in spending for television, radio, print, and online advertising. This halo effect would not only improve the circumstances of Finland’s now jobless gambling employees but positively impact the economy as a whole.
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