Online gambling is enjoyed by people from across the globe. It is a thriving marketplace, and it continues to grow. In the year 2021, online gambling is considered as one of the main forms of entertainment which is readily available. Looking at individual countries, Finland is particularly partial to a gamble. The Finnish people spend an incredible amount of money on a variation of gambling forms, which includes lottery tickets, sports betting and slot machines. €10 billion is generated annually from the gambling industry in Finland.
The Finnish government is heavily reliant on online gambling, and it is a cash cow for the country. Finland’s gambling industry is government controlled, meaning that it can easily dictate all of the revenue amassed from the industry. Finland ranks fifth in the table for largest gambling countries in the world, so it’s no surprise that it is getting the attention from foreign operators looking to invest in the market. However, that is not possible due to the government’s monopoly on the industry.
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3 Regulators, 1 Group
These days, the state controls every form of gambling that is operated on its land. It could be playing table games online or buying a lottery ticket in a shop, whatever it is, the government will control it. But it hasn’t always been as direct as that. Slot machines and table games used to be run by RAY. Veikkaus Oy used to regulate and control all instant win games, sports betting, and the National Lottery, and Fintoto had control of betting on horse racing.
The government were the ones who controlled all three of these entities, with profits being distributed however the country saw fit, with education, sports, arts, and science all benefitting. However, in the early part of 2017, Veikkaus was created, which saw all three regulators merge into one single state-run entity.
Finland – A History of Gambling
Gambling in Finland has been going on right back to the 1600’s, and apart from a brief period of 18 years between 1899 and 1917 when gambling was banned due to the 1899 Finland penal code, the activity is very much part and parcel of everyday Finland life.
Since the introduction of online gambling, some concerns have arisen regarding tax payments from gambling operators. All casino operators are required by the country to pay a tax of 8.25% on net profits, but a player will not be taxed on their winnings. This is a big reason why so many players in Finland are eager to get involved with gambling activity, as they gamble safely in the knowledge that if they win the big one, then they will be able to take 100% of it to the bank.
Finland is a country which loves sport too, and it could be possible to write a book about Premier League players who come from Finland.
Player Protection
The Finland government holds a very tight grasp on the online gambling industry, and this is seen as an effective way for Finland to be able to both control the market, but also offer a player a much higher level of protection. Players are allowed to gamble freely at state owned casino operations where they will have guaranteed protection, but the same cannot be said for gambling on foreign sites.
What’s more, the government has a hard line against international operators who wish to advertise in Finland. Foreign operators are more than happy to welcome Finnish citizens who wish to play with them, meaning that Finland might be missing a lucrative opportunity here by not allowing foreign operators to advertise or setup operations. In addition, the government would be able to monitor far more easily any gambling activity, and offer further protection, but as it stands, a player is playing at their own risk when choosing to gamble with a foreign operator.
The government may reconsider its stance in the future but that doesn’t look like happening anytime soon.
Big Government
Scandinavia is known for its big government presence, and the gambling industry hasn’t been overlooked. Finland operates one of the strictest marketplaces around, but at the same time, players are still allowed to gamble, and are even encouraged to by having no tax to pay on winnings. If players gamble with a foreign operator, then they are not protected, but that is a risk that they are taking on themselves. The risk seems rather unnecessary when the state-run operators have more than adequate facilities and offerings.