Online gambling over the past few years has seen a colossal rise in popularity, whether you put it down to innovative advancements in technology, necessity because of the pandemic or even a bit of both, it’s definitely only going in one direction.
Finland is no different in this matter where online gambling has become one of the biggest sources of income for the nation over the past couple of years. In fact, Finland ranks at the fifth biggest nation for gamblers across the world, bringing in a potential $10 billion a year on slot machines, lottery tickets and sports betting, which is why so many overseas operators are trying to gain entry into the Finnish gambling market.
With so much change happening in the gambling industry all over the world at this moment in time it remains to be seen whether Finland will relinquish their monopoly on their market but would anyone blame them for keeping it for themselves?
To check out some of the best Finnish online casinos and learn more about what they can offer then check out caziwoo.com/fi.
The Three in One Monopoly
Finland has a complete monopoly over all of its gambling within the country, offline and online. Before 2017 the nation had three governing companies to oversee all forms of gambling; table games and slots were governed by RAY, instant win games, sports betting and national lotteries were regulated and controlled by Veikkaus Oy, and lastly all horse race wagering was governed by Fintoto.
In 2017 these three companies merged to become one, stand alone, state run regulator named Veikkaus.
With such a booming gambling market many believe the best choice for Finland would be to open their doors to the international market, especially as this is what most other countries with promising gambling demands have done, but the Finnish government have other ideas and for now seem to prefer to keep their market to themselves much to the frustration of the European Union, who have tried to put pressure on the Finns to change their regulations.
In 2019 Sweden decided to modernize their gambling laws to keep in touch with the rest of the world, so if you would like to learn some more about how their laws compare and if Finland might follow suit, check this out.
Safe and Responsible Gaming
Although the Finnish government currently have complete control over the gambling industry’s advertising within the country, this doesn’t stop international operators allowing Finnish players becoming members of their sites overseas, which not only means that Finland are losing some of their citizens to offshore operators but also means they lose a certain amount of control in protecting their own against harmful sites and gaming.
If the nation were to open their market up internationally, this would allow them to control the sites their residents use but also help make their own gambling income even more lucrative.
These strict restrictions that the Finnish government have in place haven’t stopped the progress of technological advancements within their casinos though, read some more about this here
Taxes and Winnings
Gambling in Finland has a rich history, beginning in the 17th century and only briefly being outlawed between 1899 and 1917 after the nation gained independence.
However, even though since then players have been allowed to enjoy both online and offline gambling with the demand remaining so high, the taxes for any operators within the country has been the cause for some concern.
All operators must pay 8.25% tax on any of their net profits but players are not taxed at all for their winnings, so players can play anywhere within the nations and know that any big wins will be 100% theirs to take home.
Offshore Gambling
Although the Finnish government have strict laws and regulations in place regarding gambling on their own shores, as well as advertising of overseas casinos within Finland, they do not have any clear laws in place regarding their residents using any international casinos that may allow them to join their sites. IP addresses are not monitored or blocked and payment transactions are not protected for any international casino, which means although players within Finland may use these international sites, they are not protected by their own government against any that might be unsafe or harmful.
So whether you are a resident of Finland or just visiting it is advisable to check out the local options before picking an offshore casino to stay protected within Finnish law.
If you’re looking for other forms of entertainment in Finland then read up on the latest news and entertainment for some extra inspiration for a night out in Helsinki.
