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There are only 16 land-based casinos in Finland, but this does not stop gambling being extremely popular in the country. The majority of Finnish people prefer to use online casinos.
These kasinot netissa (casinos in the Finnish language) give people the opportunity to enjoy playing slot machines by top developers, such as Swedish brand NetEnt, that continue to provide new content to keep players entertained.
The popularity of slot machines in Finland
Slot machines are a common sight in Finland. You can see them in supermarkets, restaurants and shops. This is hardly surprising given the love of gambling in the country. The Finnish people spend over two billion euros a year on casino gaming. This is a considerable sum, given that there is a population of just over five million.
This is seen as a good thing in the country as the profits from the use of slot machines, and other forms of gambling, are spent on improving things in the country. This is due to the fact that the gambling industry in the country is run under a monopoly, by state-owned Veikkaus Oy.
The Veikkaus Oy monopoly
Veikkaus was formed in 2017. Previously, there were three separate state-owned agencies, Veikkaus, Fintoto and Finland’s Slot Machine Association. Veikkaus gambling halls are a familiar sight across the country and are popular with many people.
As mentioned earlier in this article, this gambling activity that is overseen by Veikkaus helps to fund various state initiatives. 53% of the profits made are directed to the Ministry of Education and Culture. This means that more money can be spent on youth projects. 43% of the profits go to the Ministry of Social Affairs and Health and are spent on social welfare. The remaining 4% of profits go to the Ministry of Agriculture and Forestry.
Why online casinos are different
Although no independent companies are allowed to set up gambling operations within Finland, people can currently still choose to play at online international casinos. The casinos themselves are only too happy to welcome Finnish players.
Hundreds of privately owned online casinos allow people from Finland to play casino games in this way. This is the case even though they are not technically deemed to be legal. This is because there is currently no legislation that specifically prohibits people from visiting these casinos.
Finland Online Gambling
The threat to the Veikkaus Oy monopoly
Given the obvious appetite for foreign online casinos in Finland, it’s interesting to take a look at the potential threat to the Veikkaus monopoly. Interestingly, a survey conducted by polling specialists Bilendi in March 2019 found that 31% of Finns supported the abolition of the gambling monopoly while 27% were against it. The remainder of those polled were undecided.
There is no doubt that independent online casino operators are certainly disrupting the casino gaming landscape in the country. They are offering a wider range of choice to players. However, that is not the end of the story.
Veikkaus Oy fights back
In 2019, Veikkaus stated that it would be investing EUR 4 million and 8 million to improve its online gambling offering. This is obviously an effort to fight off the threat from foreign operators.
This money will be used to invest in the creation of new online casinos that will be operated under the state monopoly. Veikkaus has also announced a partnership with International Games Technology. The partnership will last for four years. It should mean that players will have access to a wider range of slots, as well as table games and video poker.
This is a major expansion for Veikkhaus, as the state-owned company aims to entice players away from other providers. They are definitely starting to concentrate more on the online market.
Veikkhaus may be helped by proposed changes in the law which will make it more difficult for Finns to deposit and play at foreign online casinos. However, the passing of these laws is far from certain.
It will be interesting to see whether Finland continues with its current system and tries to enforce the state’s monopoly on gambling, including online casinos. There are many people who are encouraging the Finnish government to opt for a casino licensing system instead, as is the case in many other countries.
Related
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.
Finland Online Gambling Site
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!