Veikkaus commends report supporting gambling monopoly

The Finnish government study supporting the gambling monopoly system has been lauded by Veikkaus, the state-owned gaming business.

The recently released report, which examined the state of the gambling market in Finland and its effectiveness in directing consumers towards Veikkaus, has garnered praise from the state-owned gaming business. The study concluded that maintaining the current status quo is not recommended, as approximately 50% of all gambling activity in Finland occurs on unlicensed sites.

The study stated that approximately half of all online gambling in Finland is conducted outside the state monopoly system, resulting in significant gambling-related drawbacks. It also highlighted the challenges of effectively preventing such issues within the current system’s framework.

“Approximately half of all gambling online goes to games outside the system. Playing outside the system also causes significant gambling disadvantages, the effective prevention of which is challenging when operating within the framework of the current system.”

The senior leadership of Veikkaus warmly welcomed the report and its conclusions, with CEO Olli Sarekoski expressing particular emphasis on the magnitude of the offshore gambling sector. He also conveyed openness to the idea of introducing a licensed system as a means to enhance Finland’s channelization rates, thereby directing more gambling activity towards Veikkaus’ legal operations.

Veikkaus commends gambling report

Sarekoski commented, “The report is comprehensive and unbiased. It is crucial to acknowledge that the estimated gaming margin outside the exclusive rights system falls within the range of 500 – 550 million, aligning with the category we previously presented based on H2 Gambling Capital’s data.”

He further noted, “If a transition to a licensed system is being considered, Veikkaus would prefer a swifter rather than a gradual implementation of such a change from our perspective.”

The report outlined two potential approaches to reforming Finland’s gaming market. The first option, inspired by the Norwegian model, would involve reducing the availability of unlicensed gambling offerings to Finnish consumers. This could be achieved by empowering the regulator and law enforcement with increased authority to effectively limit the broadcasting of such gaming activities to users, making it more challenging for unlicensed operators to target Finnish players.

The second option presented in the report would involve implementing a licensing model, similar to the approach adopted by most of Finland’s neighboring countries.

The study noted, “With a licensed system, it is likely that a higher level of channeling in online gambling could be achieved compared to the current situation.”

The report was signed by Harri Sailas, Tuija Brax, Riitta Matilainen, and Mikko Alkio, and it was received by State Secretary Akseli Koskela.