The Transport and Communications Agency of Finland together with the local police has announced that restrictions of gambling advertising on TV and radio are to be imposed. Taking into account that the Finnish online gambling industry is only driven by one legal company, new regulations may significantly influence the casino sphere in the country.
Online Gambling in Finland
Finland is known to be a country with strict gambling laws. Until 2017, there have been only three companies with online betting services and different responsibilities, RAY, Veikkaus Oy, and Fintoto Oy. Then, they have united into a monopoly Veikkaus, controlled by the state.
The Finnish government has taken such a decision in order to prevent players from gambling addiction, and the EU has approved a law. Currently, no international gambling websites are allowed in the country.
On May 24, it was announced that Traficom teams up with the police to address the issue of problem gambling and eliminate all advertisements of illegal gambling companies on both television and radio. The Institute for Health and Welfare supports the ban as well. All Finnish authorities agree that gambling ads should be controlled the same way as tobacco and alcohol.
Finnish Gambling Prospects
Veikkaus has earlier said that it had to change its marketing strategy because of aggressive promotion of illegal gambling websites. The company has announced that its revenue is not increasing and the first-quarter turnover was down 4% to €774 million, while almost 31% of it came via digital channels.
The date when regulations will come into force is not announced yet, so the future of the Finnish gambling industry is not determined.