Growth in the gambling industry is remarkable, possibly from its addictive nature. They’re becoming popular yearly. However, some governments are threatening to pause this progress, for instance, the Finnish government. The government’s plan is causing a lot of chaos and commotion in the industry.
It’s unfortunate for game lovers as slot machines and poker is going to be affected. Gamblers are mostly wondering why Finland is taking such a backward step, yet other countries in Europe are stepping into a freer government-regulated licensing. There’s more to learn about these payment blocks in Finland. Stay put and read ahead!
Why the Payment Blocks?
The block is to enhance Veikkaus’ position. Why? From research, Finnish players lose about 300 million euros yearly on online gaming companies and not Veikkaus. Meanwhile, the government aims to channel the money paid out in gambling every year by Veikkaus back to the state as a tax.
Veikkaus is a popular gambling site that the government wants to improve. Yet other foreign gaming platforms have plenty of games while compared to it, the reason why players continue to unwelcome the idea.
So, what would be the effect of the payment block? Will it actualize? Let’s continue to unwind this puzzle.
Finnish is coming up with payment blocks to stop transactions to foreign gambling websites via a Finnish bank. With no account in Nordean, Osuuspankki, Säästöpankki, and S-Bank’s online banking, it’s going to be difficult. However, traditional bank transfers and maybe card transactions via IBAN will have some hindrances.
The good news is that the proposal is still a bill and yet to be explained. Well, don’t confuse it with a total ban on gambling. The government is ensuring the security of players and endorse the values of accountable gaming in Veikkaus guidance.
Is the Lottery Law Being Renewed?
Since the Lottery Act of November 2001/1047, Finland was still under the same law. Most probably, this would be the year of change from this law. Although, every player hopes that the reform is timely and echoes trends in the industry and not the payment blocks allegedly in preparation.
Further, in late 2019, section 3(5) of the Lottery Act began being amended. It necessitated all slot machines to recognize their players. Online casinos now have a must-player proof of identity, a requirement by authorized gaming personnel.
The Lotteries Act also has never allowed the advertising of foreign gambling sites in local media. And not even into TVs seen in Finland from overseas. Generally, this new move comes with lots of misunderstandings and complications. For instance, the market share of Veikkaus online gaming platforms has been declining, states the government. But, a closer look by Finnish Competition and Consumer Authority, its share is beyond 65%. So, where does the truth lie?
The new reforms intended for Finnish online casinos still allow for many other good places for Finnish players. Though, most are traditional online casinos. They will offer you a lengthy list of payment methods, and you can never miss out on one that suits you.