Known to be one of the happiest countries in the World, Finland is a Northern European nation bordering Sweden, Norway, and Russia. They’re also known as the country with the best education system. With only 16 land-based casinos in the country, you might be led to think the Finnish don’t like to gamble; however, the industry is thriving online. Finland’s government has a monopoly over all betting activities. However, thanks to the E.U. there’s no law preventing foreign casinos from accepting Finnish people.
Veikkaus Oy, which has an exclusive legal betting license on lotteries and sports betting in Finland, aims to make compulsory authentication mandatory. However, you can still find Casinos for Finnish Players where you can play without registration.
A State-Owned Monopoly
Tight Nationalist Regulations
Veikkaus Oy was founded in 2017. It’s the result of a merger between three betting agencies. It’s now a state-owned agency and the only one of the sort in the country. The Finnish government uses this agency to limit the implementation of foreign-based casinos in Finland since they are submitted to strict regulations to even be available in Finland.
Redistribution of Wealth
The main goal of Veikkaus Oy is to distribute profits made from gambling to other parts of society. As Veikkaus depends on the Ministry of Education and Culture, 53% of its profit goes to the Ministry. This profit is then spent on various government programs for the youth. 43% of the profits are destined to the Ministry of Social Affairs and Health in order to improve social welfare and health. 4% of the profits are given to the Ministry of Agriculture and Forestry.
A Fundamentally Anti-Capital Model
In 2017, Veikkaus registered over 1 million € in profit and took measures to decrease this profit, progressively reaching 680,000 € in 2020. It may seem negative in other gambling industries, but in Finland, this is viewed as progress towards reducing gambling problems in society.
In 2020, Veikkaus reduced the number of slot machines by 8,000 (40% less than in 2019), according to their 2020 CSR report. They launched a system of compulsory authentication, which aims to cut players’ losses in association with their gambling control tool.
Veikkaus wants to make all its games subject to compulsory authentication by 2023 to reduce problematic gambling, money laundering, and criminal activities. They are putting the accent on responsible gaming.
The Growth of Instant Casinos
Gambling businesses in Finland are launching new brands to offer instant casinos, otherwise known as no account casinos. The goal of these casinos is to make the player experience seamless by offering instantaneous withdrawal and deposits. They’re free to do so because of E.U. regulations prevalent over domestic law, which is why Veikkaus tries to create ways to control gambling in Finland by being the leader in online casinos.
Finland offers a free market for online casinos operators, and they attract many players with no registration casinos. Veikkaus Oy, on the other hand, uses its monopoly from the local industry to convince Finnish people to play with them by offering more control and security and redistributing the profits to help the country thrive.