New Regulations For Gambling in Finland
Gambling is legal in Finland, and the country has seen the growth of internet gaming. The first real online casino was established by Veikkaus Oy in 1996, and the country’s Government passed legislation that made internet gambling legal. In 2007, Play Among Friends started hosting online casino games. The gaming website quickly became a hit.
In the autonomous Aland Islands, the government has a monopoly company called PAF. When it launched its online casino, RAY was forced to compete with the monopoly. The monopoly companies’ presence increases local government revenues and local players benefit from more options in gambling. Last year, the RAY-Playtech partnership generated EUR 50 million in revenues.
The new government regulations for gambling in Finland are aimed at protecting the interests of Finnish players. They will apply to all forms of land-based and online betting. While some people may view the new regulations as an invasion of their rights, the government has explained their reasoning and been transparent throughout the entire process. The current bill is set to be in effect until 2024, when it will be revised by parliament. Parliament will decide on final changes depending on the state of the gambling industry.
Blacklisting of operators
In 2023, Finland plans to implement a blacklist of operators and block payments from these companies, which is a step towards preventing illegal gambling. The ban is temporary and will only apply to Finnish residents. In the meantime, players will still be able to play in these games and withdraw ilmaiset kolikkopelit funds if they wish. The blocking process will help players avoid paying money to blacklisted operators, and will allow them to withdraw their winnings. A new penalty system is also in the works, which will apply to operators that have breached the Lottery Act. Operators can avoid the penalty if they take immediate action to stop the infraction.
Limits on maximum loss limits
The Finnish government has enacted new limits on maximum gambling loss. This will apply to all types of gambling, except for poker and fast-paced casino games. The new rules will take effect from May 1 and last until September 30. The changes will apply to all major gambling verticals supported in Finland, except for poker, which will be completely banned. In addition, the lottery draws will be suspended from May 4 and restored in September.