The gambling license in Finland brings together experts and stakeholders in gambling under one roof to share information, facilitate discussion and develop the existing Finnish gambling system to reflect industry developments and the requirement for high-level consumer protection. It also monitors economic, social and legislative developments as well as organizes panel discussions on topical issues within the industry.
Finland has a government-owned monopoly on all forms of gambling, with Veikkaus Oy having sole responsibility for licensed casino sites, land-based establishments and a number of other types of gambling services. The aim has been to use the monopoly as a means to promote responsible gambling and strengthen state revenue, and it has also been used to help decrease gambling problems.
Navigating Change: Understanding New Gambling Regulations in Finland
However, there is a growing feeling that the monopoly might be just another way for the state to levy taxes on its population. Many people feel that they are paying extra taxes just to give Veikkaus a large profit, which is then funneled back into government coffers for other uses.
This latest move to change the law seems to be an attempt to close that loophole. The bill, which is currently in the works, would class any activity that charges for the chance to win anything of monetary value as gambling. This would include loot boxes, although the definition of monetary is somewhat broad. Whether or not the new legislation will have an impact on the gaming industry in Finland will depend on how far it goes to include the term ‘virtually utilisable prize/profit/outcome’.