Finland is about to change the way that online gambling is regulated by thinking about switching from a monopoly run by the state to a licensing system. With its state-run corporation, Veikkaus, the only EU member still firmly controlling iGaming, this decision represents a major advancement for the nation’s gaming sector of online banking.
Industry Perspectives and Challenges
The Finnish online gaming monopoly Veikkaus has said that it is in favor of this change. According to CEO Velipekka Nummikoski, the whole Finnish gaming business stands to gain significantly from controlled licensing. He stressed the need of directing players into the legal sector and complimented the Ministry of the Interior for putting into effect the most significant gaming reforms in Finnish history.
Veikkaus seems to support this move, although they also warn that moving to a licensing model might result in operational duplication. This can include closing properties, reorganizing businesses, and laying off employees. Veikkaus predicts that this might result in up to 240 people losing their jobs.
If Finland adopts the regulated gaming model, Veikkaus will change dramatically, splitting into two separate companies inside the same organization. While one of these companies will continue to control the lottery and retail slot machines, the other will enter the cutthroat world of internet gaming.
Finland’s move to switch to a license regime is gaining a lot of support, which is indicative of the increased popularity of regulated gambling. It is anticipated that the transformation process would need many years. According to the present schedule, it will take the Ministry of the Interior two years to prepare a bill proposing regulated online gaming.
Important topics covered by this proposal include the legalization of particular games, the licensing and taxation costs for online operators, and the implementation of safeguards for consumers.
Finland’s investigation into regulated internet gambling is a historic first for the country, placing it in step with other EU members that have embraced such frameworks. The European Betting and Gaming Association has praised the move for its many benefits, which include better player safeguards and increased channelization rates for the Finnish gaming business.
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