Finnish Online Casino Playing On The Way For Regulation
Online gambling has become increasingly popular in recent years, and Finland is no exception. However, until recently, online gambling has been largely unregulated in Finland; leaving many players wondering if in what sites they can play or if they can play at all.
But that is about to change. In September 2022, the Finnish government-owned monopoly has announced that it can’t survive in the current gray-market competitive landscape. They now will root for opening the market to also foreign-regulated casino operators. This move is aimed at protecting players, increasing government revenue, and combating illegal gambling.
In this article, we’ll take a closer look at the current and new regulations and most importantly, what they mean for Finnish online casino players.
The History of Online Gambling in Finland
In Finland, all forms of gambling is controlled by a state-owned monopoly called Veikkaus. This includes both land-based and online gambling. For many years, Veikkaus had a virtual monopoly on online gambling in Finland. However, in recent years, internationally licensed online casinos have become increasingly popular among Finnish players. For the players it is easy to find such casinos from Finnish casino review sites as Kasinopartio.
Until now, these international online casinos have operated in a legal gray area; as there has been no specific legislation in place to regulate them. This has left Finnish players without proper legal protection and also has prevented the Finnish government from collecting taxes on the revenue generated by these online casinos.
Why Regulate?
Under the new gambling law, which is set to take effect in early 2022; international online casinos prohibited to do any marketing toward Finnish casino players; and by doing so they can risk having their payments blocked by the government.
The current regulations don’t require the state monopoly to implement measures to prevent problem gambling; such as setting limits on deposits and losses and providing resources for players who need help. That would change if the market would be opened for regulation. In addition, online casinos would required to verify the identity of their players and to report any suspicious activity to the regulatory body.
The new regulations would possibly include measures to combat illegal gambling, such as blocking payment methods and unlicensed online casinos.
What Would This Mean for Finnish Online Casino Players?
For Finnish online casino players, the new regulations would provide much-needed legal protection. Licensed online casinos should required to adhere to strict standards; which will help to ensure fair play and also the protection of player data.
In addition, all licensed online casinos would probably required to implement measures to prevent problem gambling; which is an important step toward promoting responsible gambling.
However, the new regulations might also lead to changes in the online gambling landscape in Finland. Some international online casinos might choose not to apply for a license and might instead choose to leave the Finnish market. This could limit the options available to Finnish players.
On the other hand, the new regulations might also lead to the emergence of new licensed online casinos in Finland; which could offer new and exciting options for Finnish players. Lots of questions still remain unanswered and many things still depend on the shape of the upcoming regulation.
Conclusion
The new regulations on online gambling in Finland would possibly be a positive development for players; the Finnish government, and the industry as a whole. By regulating online gambling, the government could, in the best-case scenario, protect players, increase government revenue, and combat illegal gambling.
Online casino players from Finland look forward to increased legal protection and the implementation of measures to prevent problem gambling. While the new regulations might lead to changes in the online gambling landscape in Finland; they would be an important and long-awaited step toward a safer and more secure online gambling environment.
