The finnish gambling market could be about to get a big boost. This is due to the fact that major casinos from off-shore are expected to enter the Finnish gambling sector making it more attractive to players. The entry of the big casino players will improve the overall gaming ambiance in Finland by adopting the latest innovation and technology. This will attract more and more game lovers in the country and thus will increase the revenue.
The recent study published by the Finnish government regarding the state-backed betting and gaming monopoly has argued that it loses significant sums of money because players are turning to unlicensed overseas companies for their gambling activities. This amounts to around EUR 500m per year. This undermines Veikkaus’ player protection methods and also Finland’s tax revenue.
It is therefore not surprising that Veikkaus and its Deputy CEO Velipekka Nummikoski have been calling for an overhaul of the licensing system. The company has been advocating the EU free-market model for some time now and it has a clear advantage over the current situation: allowing more operators to offer a variety of games, generous bonuses and payment options that are not heavily taxed.
However, there are those who argue that the move would not be beneficial for Finland and its gamblers. Jani Selini and Tomi Roukan from the Institute of Health have authored a blog post where they have pointed out that when the market is opened, it’s quite possible that the amount of gambling will go up. This, in turn, means that the number of harmful gambling practices will also go up.