Finland has made itself a popular destination for avid gamblers. Recent studies have shown that 80% of the population has gambled in the last 12 months.
This popularity is unlikely to diminish anytime soon, and, in any case, will likely increase. Today, already more than 700 online casinos operate in Finland, according to Finnish source.
The only thing that will remain constant in the Finnish gaming industry is change. Let’s go through a few characteristics that will likely define the Finnish gambling sector next year.
The Scene Will Become Even More Innovative and Profitable
Finland has long been associated with innovation. Their innovation didn’t stop with the revolutionary Nokia phones but also continues across various industries. It’s hardly surprising that Finland ranks among the top innovative countries worldwide.
Finland’s innovative climate makes it an appropriate location to develop games. If you’re seeking the latest innovations, you’ll likely find them in Finland. The Finnish gaming industry combines top technological talent and creativity to generate new games.
Next year, you can expect Finland to generate even more innovative games. Apart from the vibrant gaming community, the gaming educational programs also motivate innovation efforts. More than 50 universities in the country offer programs that attract students from Russia, Germany, and Japan.
With such a significant investment in iGaming development comes substantial profits. The industry will likely continue raking in billions of Euros in revenues.
iGaming Will Continue to Support Charities
Most of Finland’s gambling and betting activities are controlled by the state-owned Veikkaus that came into existence in 2017 following its merger with two other operators.
Its mandate is to offer a safe and entertaining gaming experience. The state-owned operator is also charged with distributing revenues collected from the industry. The ministries of Education and Culture, Social Affairs, and Agriculture and Forestry are the primary beneficiaries.
Veukkaus also made the headlines for funding assistance programs catering to the homeless. The operator’s actions are behind the famous phrase that associates a win for Finns with every betting loss or win.
The government is unlikely to relax in its efforts to promote responsible gambling. Despite having an almost authoritarian hold over iGaming, the government encourages using gambling profits to support charities.
The State-Controlled Monopoly May End
Despite its efforts to regulate and promote a good image for Finnish gambling, it faces significant opposition. A recent survey in Finland indicated that Finns are losing confidence in the current monopolistic system. Finns seem to prefer an open-license system that allows for multiple operators to enter the market.
EGBA has also weighed in on the issues by questioning the effectiveness of Veikkause. EGBA has termed the monopoly unstainable in a globalized marketplace where punters can easily find alternatives.
The increasing number of Finns opting to gamble on unlicensed platforms also adds to this pressure. Perhaps the government will soon give in and dismantle the monopoly held by Veikkause.
Gambling is gradually becoming a favourite part-time activity in Finland. Innovation activities and a growing support base will likely continue to drive the industry. Government control will likely continue, but its monopoly over the industry may end.