Gambling Laws in Finland
If you want to play gambling games in Finland, you must know what the laws are. The National Police Board has taken action against Veikkaus Oy and other companies for violations of the Finnish Lotteries Act. However, there is little appetite to take action against foreign licensed operators and companies that do not have a sufficient nexus to Finland.
The Finnish government is pushing for a total ban on slot machines. A recent study by the Finnish Institute for Health and Welfare shows that 78.4% of Finnish citizens have experienced problem gambling in the past year. The Finnish government commissioned this study to understand the extent of problem gambling in Finland. In the study, 21% of Finns said that physical slot machines contribute to gambling problems.
The Finnish government is committed to protecting minors and vulnerable groups from the dangers of gambling. The gambling law states that all establishments offering slot machines must have a harm prevention plan. It also states that they must comply with the laws regarding gambling in public places. Therefore, the law requires that all gaming establishments have a comprehensive plan in place to protect vulnerable groups, including minors and the elderly.
As the state-owned gaming company Veikkaus looks to reduce its monopoly position in Finland, it has come under pressure to open the market to private betting firms. Veikkaus' deputy CEO explains that competition is key. In addition, it is important to eliminate barriers to entry to ensure fair competition.
Veikkaus's interim report last week suggested that it is looking at a new strategy. It also mentioned the possibility of an open market, but did not mention that this is possible. Its decision comes after an internal review of the gaming market. The company has been hurt by gamers turning to unregulated platforms in order to play games. While Veikkaus does not intend to force players to use Veikkaus, it does welcome the idea of a regulated market.
Veikkaus Oy, the exclusive rights holder of gambling in Finland, is looking to change the way it markets itself. It plans to introduce self-exclusion measures and limit the amount of money a player can spend on gambling. It also wants to restrict the hours of operation for its gambling venues. In addition, it wants players to be informed about how long they're spending on the site.
Unlike the United States, Finland is a jurisdiction that requires casinos to abide by the law. In order to comply with the law, Veikkaus must follow certain guidelines, such as age verification and identification. However, it has encountered issues procuring components needed to implement the updates, and there's a risk the company won't be able to meet the timelines it outlined.
According to Veikkaus, Finland has a 0.8% problem gambling rate, compared with a 1.8% rate in FY2020. The Finnish gambling market is estimated at EUR520 million. The company says its share of that market is slipping towards 50 per cent. However, the overall market size is increasing rapidly and has seen an increase in online gambling services other than Veikkaus.
Veikkaus Oy, Finland gambling company, has the exclusive rights to operate gambling services in mainland Finland. In 2017, Veikkaus Oy's gross gaming revenues totaled EUR 1,100.1 million. This year's figure decreased 12.7% from the previous year, with 51.4% of the revenue coming from electronic channels. In Finland, the National Police Board Gambling Administration oversees the gambling industry. It does not prohibit online gambling services from operating in Finland, but online gambling operators kasino verkossa must comply with Veikkaus' licensing requirements.