FINLAND HAS A VERY UNIQUE GAMBLING LEGACY
Gambling is a popular pastime in Finland. For decades, Finnish gamblers have had their Saturday ritual: relaxing in the sauna and watching the lotteries draw on TV. While some of that tradition has waned, gambling still plays an important role in the lives of Finns.
However, a new according to City.fi blog post of players is looking for more options than what the Finnish government offers. Unlike other European countries, which practice free market models, Finland’s main gambling operator is a state-owned monopoly. The monopoly has its benefits: the company provides jobs and funds for local culture, sports events and youth initiatives.
City.fi Blog: A Close Look at the Finnish Gambling Market
But many Finnish gamblers dislike the fact that they are restricted to only a few operators, with limited number of games and bonuses. Furthermore, winnings and payments are heavily taxed. As a result, many Finns prefer to play on foreign online casinos that offer more variety and are not subject to these taxes.
The future of the monopoly is unclear as some politicians have started to reconsider their support for it. They are realizing that a licensing model would be more beneficial to Finland than the current one.
For example, a new update to the country’s Lottery Act includes penalties for operators that advertise their products in Finland without a proper license. Moreover, payment service providers will now be obligated to block payments from punters to those unlicensed iGaming sites. The changes are set to take effect in 2023.