Finland’s internet gaming business is booming; considering the COVID-19 restrictions and their consequences, online gaming is thriving. In Finland, gambling is prevalent among the general public. Gambling is a popular pastime among Finns. Finns spend an average of £350 per year on domestic gambling. Since 2016, the online gambling sector in Finland has grown at around 10% each year.
Because many prominent players choose to play on foreign sites such as kasinohai.com/parhaat-nettikasinot, it’s impossible to estimate how much money Finns spend on online gambling. Nevertheless, the pattern emerges from the available data: online gambling is a growing sector.
Online vs. Offline Casinos in Finland
In Finland, there are only a few land-based casinos. One could be inclined to conclude from these figures that Finns do not bet as often as the various statistics indicate. This metric alone cannot be used to assess Finns’ gambling proclivity.
The bulk of Finns gamble on the internet. The majority of the expansion in the Finnish gaming sector has come from online gambling. Finns spend roughly EUR 2 billion on casinos each year on average.
In Finland, online gambling is the most popular form of entertainment. For different reasons, many of Finland’s 5.5 million residents prefer internet gambling to land-based casinos. One reason is that there aren’t enough land-based casinos to accommodate this gambling-obsessed population. It is also not widely available on demand. Online casinos can handle many people and are easily accessible; you may play them anywhere, at any time.
The Gambling Industry in Finland is Unique
Finland’s gambling sector runs differently from that of many other countries. A high level of government intervention characterizes the industry. Veikkaus Oy, Finland’s primary betting agency, is managed by the Finnish government, which has a monopoly on the sector.
The Finnish online gaming industry model is one that other countries should follow. It has been a huge success and a win-win situation for both parties. Some of the government’s ministries will receive financing, while participants will have the chance to win real money. Even if they do not win, they will know that they will use their money to aid other Finns. The model is worth replicating because it is a win-win situation for both sides.
A market That is Thriving
Veikkaus made a tremendous profit of EUR 1 009.0 million in 2019, with a lottery tax of EUR 202.9 million. It achieved EUR 1 690.7 million in gross revenue. Finns gambled in international casinos for about EUR 286 million in 2018. This is a significant source of revenue loss for the government. Attempts to curb the enormous sums spent in overseas casinos have so far failed.
COVID-19 is expected to cost Veikkaus over €300 million in 2020. The state-owned gambling corporation reported a 28.1 percent dip in gross revenue and a 33.6 percent drop in profit in the first half of 2020. Veikkaus is likely to complete the last quarter in a solid position, with the online gambling business reasonably tranquil, especially the online betting market, thanks to the return of the main leagues to action.
Trends in The Finnish Online Gambling Industry
The most striking development in Finland is the growing popularity of internet gaming among Finns. In Finland, the online gambling business is the most important source of revenue. Today, an increasing number of Finns gamble online. Another tendency is here to remain in the government’s monopoly of the industry. Because of government supervision, Finland only has 16 land-based casinos, despite the population’s desire for gaming.
The government has three agencies in charge of the industry. Veikkaus, as previously stated, controls gambling and lotteries. Another agency, RAY, is in charge of slot machines, while Fintoto Oy is in charge of horse races. Private gaming firms find it difficult to operate in Finland due to the limitations imposed. There is, however, no regulation prohibiting Finns from gambling in internet casinos located outside of their country.
Many online casinos have realized the enormous potential of the Finnish online gaming sector. Due to the limitations of advertising directly to Finns, some online casinos find discreet ways to entice players from Finland.
The gambling industry in Finland is large and well-developed. The rich gambling culture among Finns and the popularity of online gambling choices are part of the reason for its strength and continued expansion. Is state government regulation of the sector beneficial or harmful to the industry? On this subject, the panel is split.