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How the gambling landscape may look in Finland in 2024 and beyond

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Following the recent big announcement by the Finnish government to restructure its gambling system, many gaming enthusiasts are curious to know what the Finnish gambling landscape may look like in years to come. Will Veikkaus, the state-owned gambling monopoly, loosen its dominance and control and allow more operators to join the market? How will these new reforms affect punters?

In this article, our team of Finnish gambling experts answered these questions and delved into the current state of gambling in the country. We also gaze into the crystal ball to share our view of what we believe the gambling landscape may look like in 2024 and beyond. 

The current state of gambling in Finland 

Unlike its peers in the European Union, the Finnish government adopts a unique approach to gambling regulations. The state operates a monopoly system that emphasizes responsible gambling and revenue generation. 

Below, we take a look at the main aspects of the current regulatory framework.

  • Gambling Licensing

Veikkaus, the state-owned gambling operator, is the sole provider of most gambling services in the country. The entity also holds the exclusive right to issue licenses to operators interested in offering online or land-based gambling services to Finnish punters. 

To get a gambling license, operators must prove their strong commitment to responsible gambling and show their ability to offer quality gaming services. Gambling regulations are very strict, and Veikkaus monitors operators regularly to ensure compliance. Non-compliance by operators often results in hefty fines or license withdrawals.

  • Taxation

As mentioned earlier, revenue generation is one of the main focuses of the country’s gambling monopoly system. The government charges taxes on gambling winnings that exceed a specified amount. Likewise, the profits of all gambling operators in the country, including casino without registration and Veikkaus, are subject to taxes. 

This way, a considerable amount of money flows from the gambling market into the national coffers. The state uses this revenue to fund social welfare and cultural projects such as education, youth services, sports, arts, and more. 

  • Offshore Gambling Operators

Despite the government’s monopoly, a significant number of Finnish gamblers wager and play their favourite games at foreign online betting sites and casinos. Although these foreign sites offer punters more gaming options, they come with some challenges and risks as the Finnish Authorities do not regulate them. 

In other words, Finnish players have less protection even while playing at legitimate offshore online gambling sites. Regarding tax, offshore operators don’t pay taxes to the Finnish government. Also, it’s the sole responsibility of players to declare their gambling winnings and pay taxes on them. 

  • Responsible Gambling

Ensuring responsible gambling is the core objective of Finland’s gambling monopoly system. The state has several programs and tools to monitor its citizen’s gambling behaviour and keep it in check. Some of these programs include:

  1. Awareness campaigns to let the public, especially regular punters, know the potential risks of gambling
  2. Development of self-exclusion tools to allow gamblers or those with gambling problems to exclude themselves from online and offline gambling activities for a set period. 
  3. Counselling activities for those who need help to overcome their gambling addiction
  4. Limiting tools to allow gamblers to set their daily, weekly, or monthly deposits.
  • The compulsory stop-loss 

Introduced during the COVID pandemic, Veikkaus made the compulsory stop-loss limit permanent for all Finnish gamblers. The announcement limits players’ daily gambling spending to €500 daily and €2,000 monthly. 

On top of this, Veikkaus now allows players to set their stop-loss limits on their slot machines. This means players will no longer be able to gamble once they hit their daily, weekly, or monthly loss limits.
According to Veikkaus, these recent regulations impacted their operations both positively and negatively. Although they reported that problem gambling has reduced to an all-time low, Veikkaus also acknowledged that their revenue has dropped significantly.

What to expect in 2024 and beyond

Following the drop in Veikkaus’ revenue and concerns about losing a big share of the gambling market to offshore operators, the Finish government announced that it is looking at reforming the country’s gaming system. Two main changes players can expect in the near future include: 

  • A gradaul end to Veikkaus’ monopoly 

The state announced in April that it is working on a proposal to end Veikkaus’ monopoly by introducing a gambling licensing model that will allow private gaming operators to compete in the Finnish market. The state admitted that more and more players are gambling outside its controlled monopoly, and there is an urgent need to prevent the gambling-related problems that may follow. 

According to available reports, the government is considering two options: strengthening its current state-controlled monopoly or switching to the licensing model. However, it seems that the odds are in favour of the licensing model. So, gaming enthusiasts can expect Finland to roll out a new licensing system, responsible gambling tools, and a new gambling tax policy in the coming years. 

  • Mandatory player verification 

Like the recently implemented player identification requirement for Coupon games, Veikkaus is set to introduce a similar rule for scratch card games. In other words, players interested in Ässä and Casino lottery must verify their identity before they can claim their winnings. 

As with the current Coupon game identification procedure, more players will have to complete a similar process using their driver’s license, Veikkaus card, mobile card, or other personal identification card. Veikkaus noted that many of their Coupon game customers have completed the verification process, so they expect to record the same success with their Ässä and Casino lottery customer base.  

 

Bottom Line

Our experts believe the Finnish gambling landscape will evolve responsibly and positively in line with international standards in 2024 and beyond. We expect Veikkaus to lose its monopoly, giving room for more private operators. Finnish gaming enthusiasts will have more gambling options and better gaming experience in the coming days. 

 

We are already seeing these benefits with the recent partnership of Pragmatic Play with Veikkaus. Unlike before, Finnish players can now enjoy some selection of Pragmatic Play’s games, including Gates of Olympus and Sugar Rush.

 

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Sportpass and Euroleague Basketball Announce Partnership to Deliver Next-Generation Fan Engagement and Gaming Experiences to Fans

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Euroleague Basketball to amplify its gamification portfolio with Sportpass, a subsidiary of Animoca Brands

Euroleague Basketball and Sportpass, a fan engagement and gaming platform, are collaborating to reinforce Euroleague Basketball’s gamification strategy. Sportpass is a subsidiary of Animoca Brands, a global leader in gamification with a large portfolio of over 400 investments in Web3 projects.

The collaboration announced today will create a Euroleague-themed gaming platform targeting the Gen Z fanbase, merging the thrills and culture of sports in a digital offering with a number of game experiences, rewards, in-game collectibles and more.

Gamification has been one of the growth pillars of Euroleague Basketball’s digital strategy in recent seasons with 2023 seeing a triple-digit year-on-year increase on the fantasy games portfolio, reaching a community of 4.3 million engaged fans.

“We are delighted to join forces with Web3 leaders Sportpass to expand our gamification offering,” the Marketing and Communication Senior Director for Euroleague Basketball, Alex Ferrer Kristjansson, said. “The digital ecosystem is key to expanding the Euroleague brand and offer new ways for young fans to interact with the league. This collaboration marks an important step in growing our portfolio of gaming opportunities for fans to engage with the Euroleague in different and innovative ways.”

“Sportpass is the result of years of innovation in technology, gaming and sports, placing the fan squarely at the core of our offerings,” the Chief Executive Officer for Sportpass, Jordan Fogarty, said. “With a plethora of digital experiences including gaming, rewards and competitions, we are confident that Euroleague fans will find what they are looking for. Our collaboration with the Euroleague underscores our commitment to revolutionizing the sports entertainment landscape.”

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Online Casino Game Preferences in Latvia: A Comprehensive Study

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Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities
Reading Time: 3 minutes

 

If you’re interested in online casino gaming, you may be curious about the preferences of players in Latvia. Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities. In this article, we’ll take a closer look at the player demographics and game preferences in Latvia’s online casino market.

Latvia’s online casino market offers a variety of games, including slots, live games, and lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games. In addition to game variety, safety and security are important factors for Latvian players when choosing an online casino. Opting for a reputable online casino in Latvia is not just a preference; it’s a necessity. Such an informed choice guarantees that your personal and financial information remains shielded from any unwarranted scrutiny or malicious intent.

Overall, understanding the gaming preferences of players in Latvia’s online casino market can help online casino operators tailor their offerings to better meet the needs and interests of Latvian players. Let’s dive deeper into the demographics and preferences of Latvian online casino players.

Key Takeaways

  • Latvia has a regulated online gambling market, with licenses issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia ensuring fair and transparent gaming activities.
  • Latvian players prefer a variety of online casino games, including slots, live games, and lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games.
  • Safety and security are important factors for Latvian players when choosing an online casino.

Overview of Online Casino Gaming in Latvia

If you’re a Latvian online casino gamer, you have a wide range of options to choose from. The country has a highly regulated online gaming market, which makes it imperative for players to choose a Latvian casino that holds a valid license. These licenses are issued by the Lotteries and Gambling Supervision Inspection of the Republic of Latvia, a regulatory body that ensures all gaming activities are conducted in a fair and transparent manner.

When it comes to online casino game preferences in Latvia, the most popular games are slots, live games, and lottery games. In addition to the popular online casino games like Sweet Bonanza and other live games, Latvians also enjoy several lottery games, aligning with Latvia’s online gaming preferences. The Latvian National Lottery, known as “Latvijas Loto,” provides a variety of lottery games such as Bingo, Sports Lotto, Scratchcards, and Interactive Games.

Latvia is often called a hub for iGaming in Europe because of its liberal gambling legislation and relatively low tax rates. This has resulted in many international online casinos entering the Latvian market, providing players with a diverse range of options to choose from. The top 10 online casinos in Latvia are ranked based on the quality of games, bonuses, and promotions, customer support, and payment options.

Overall, the Latvian online casino gaming market is highly regulated, safe, and offers a wide range of options for players to choose from. Whether you’re a fan of slots, live games, or lottery games, you’re sure to find something that suits your preferences in the Latvian online casino gaming market.

Player Demographics and Game Preferences

Latvia has a thriving online casino industry, and the country’s players have their own unique preferences when it comes to gaming. The following subsections explore the age and gender distribution of players, the most popular casino games, and preferred gaming platforms.

Age and Gender Distribution

According to a report by Statista, the majority of online casino players in Latvia are between the ages of 25 and 34, with 30% falling within this age range. The second-largest group of players are aged between 35 and 44, making up 25% of the player base. The report also notes that the gender distribution of players is relatively even, with 55% of players being male and 45% being female.

Most Popular Casino Games

Latvian players have a diverse range of casino games to choose from, but some games are more popular than others. According to Online Casino Rank, the top three most popular casino games in Latvia are:

  1. Slot machines
  2. Blackjack
  3. Roulette

Latvian players enjoy the thrill of slot machines, which offer a wide variety of themes and gameplay styles. Blackjack and roulette are also popular due to their simple rules and the potential for high payouts.

Preferred Gaming Platforms

Latvian players have a range of gaming platforms to choose from, including desktop and mobile devices. Players in Latvia prefer online casinos that offer a seamless and enjoyable gaming experience on both desktop and mobile devices. This allows players to enjoy their favorite games on the go, without sacrificing quality or functionality.

In conclusion, Latvian online casino players have their own unique preferences when it comes to gaming. These preferences are shaped by factors such as age, gender, and the availability of different gaming platforms. By understanding these preferences, online casino operators can tailor their offerings to better meet the needs of Latvian players.

 

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Fairplay Exchange signs as new sponsor of Stephen Hendry’s Cue Tips

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Fairplay Exchange — the peer-to-peer cashless betting app — has partnered with one of the most iconic names in snooker by agreeing to sponsor a new challenge series on the Stephen Hendry’s Cue Tips YouTube channel.

Hendry is one of the most decorated snooker players of all time, with the Scotsman’s glittering career returning seven World Championship titles, 18 Triple Crown titles and 36 ranking titles in total, along with a staggering record of 471 weeks as world number one.

In each episode of the new series, Stephen will compete against a fellow player or figure from the worlds of snooker or other sports in a series of challenges to test their all-round skills and technique. The first episode of the new series features three-time world snooker champion Mark Williams; the epic snooker skills battle between the two greats can be seen here.

Since launching in April 2023, Fairplay Exchange has built a young, engaged, sports-focused audience who can set up real-money wagers on anything they want with their friends; the winnings are guaranteed to be paid in full and on time, saving players the trouble of chasing their peers for cash.

Billy Gowing, Fairplay Exchange’s Co-founder and Managing Director, said: “We are delighted to have the opportunity to sponsor this exciting new format on the Stephen Hendry’s Cue Tips channel; hosted by one of the most legendary figures in the history of the sport.

“Snooker is one of our most popular sports for players to bet on, so this is a perfect fit for us. The Fairplay Exchange app allows people to bet on casual games of snooker just like the ones you see in Stephen Hendry’s Cue Tips, and we are very excited to make the most of the opportunities this partnership presents.”

Stephen Hendry said: “Up and down the country, players in snooker clubs love to have a friendly wager on games between friends, and Fairplay Exchange gives players a platform to do that without having to chase each other for cash.

“It’s fantastic to have Fairplay Exchange on board as a partner for the new Challenge series format, and we hope the audience love the series as much as we do.”

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