The online casino market in Finland has developed a lot recently, even though the country’s government has not yet introduced legislation to officially open the market to private casino operators. Nevertheless, online casinos which cater to Finnish players have diversified their offering in terms of content and also in terms of payment methods made available to their customers.

Alongside traditional payment methods such as credit and debit cards or bank transfers, online casino operators that allow Finnish players have been adding more and more options like cryptocurrencies, e-wallets and mobile payment apps.

Speaking about the latter, mobile payment applications have become more and more popular around the world, offering people a seamless way to deposit and withdraw funds at online casinos. Brite is one such application, in which people can link their bank accounts to their smartphones and then make instant transactions.

Cryptocurrencies Gaining Ground Along With E-Wallets

Most online casinos that accept players from Finland have integrated cryptocurrency payment options, these tend to be very fast and also quite popular with the younger generation. The most popular currencies are Bitcoin and Ethereum, and these two options are available at several Finnish online casinos.

E-Wallets are also increasingly popular and mainly for the same reason: fast transactions without too much hassle. Transactions with e-wallets tend to be faster than those with credit or debit cards and definitely a lot more convenient and quick than bank transfers. There are several providers that are competing on this market, with the most popular one being big brands such as PayPal, Skrill or Neteller.

However, some banks have sensed the wind of change and have made efforts to compete with the new fintech companies by allowing instant transfers within their own e-banking applications. With these new methods players are able to send money instantly from their bank account to their casino account. Moreover, most major banks in Finland support this method, so there is plenty of access to such swift transactions.

So there are plenty of payment methods available to Finnish online casino players, ranging from the classic ones like credit or debit cards and bank transfers to the most forward-thinking options like cryptocurrencies, mobile payment applications or e-wallets.

Source: “Latest Developments in Payment Methods for Finnish Casino Players“. European Gaming. September 1, 2023.

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A Finnish influencer and content creator has been slapped with a suspended jail sentence for promoting illegal gambling in the country. The online celebrity will also be forced to forfeit tens of thousands of dollars in assets because of his violation.

The influencer in question is none other than Lauri Kangas, better known by his alias Lateksituppi. He boasts a large following on the Amazon-owned streaming site Twitch where he streams gambling content.

However, local authorities found out that Lateksituppi promoted games not offered by the Finnish gambling monopoly, Veikkaus Oy. In addition, he promoted illegal products, such as instant casino games, across his social media accounts.

Since this is a violation of the rules outlined in Finland’s Lotteries Act, Lateksituppi was taken to court.

The Streamer Received a Suspended Sentence

The court concluded that Lateksituppi’s content specifically targeted Finnish players since his streams were in Finnish and designed to appeal to local audiences. This also applies to his social media channels, which promoted illegal gambling content to Finns.

For reference, the celebrity has a following of over 61,000 people on Instagram

Because of the overwhelming evidence of his violations, Lateksituppi was handed a 50-day suspended prison sentence. While he will be spared jail for now, further violations might cause him to serve the sentence.

In addition to the threat of having to go to jail, Lateksituppi will also be forced to forfeit thousands of dollars in assets. At first, the prosecution wanted him to pay EUR 69,313 (around $74,729). However, the court eventually settled for an asset forfeiture of EUR 51,300 (around $55,308).

Lateksituppi Is Likely Unimpressed

It is uncertain whether this sentence will impress or upset Lateksituppi, who was described as arrogant by local news outlets. Not only did the streamer arrive at the district court in a golden SUV but he also parked it in spaces reserved for the police.

In addition, reports claim that he was rude and that he mocked the people who sued him on his social media channel. The gambling celebrity allegedly slammed his court adversaries by saying that they will never be as rich as he has gotten by promoting unlicensed gambling in Finland. Lateksituppi bragged about making the same money some people make in years by simply lying around and playing games that are illegal in the country.

In other news, Finland recently fined BML Group, which breached its advertising rules.

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Veikkaus, the state-owned gaming company, has welcomed the Finnish Ministry of the Interior’s recent study on the gambling monopoly system which advises against maintaining the current status quo.

In January, the ministry commissioned the study to examine the effectiveness of the Finland gambling market in channelling consumers towards Veikkaus and to recommend alternative models for the gambling system. 

The study indicated that the monopoly system weakens the “channelling abilities” and had pushed players towards seeking gambling services outside the regulated market. 

According to the report, “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.”

In addition, as a result of the gaming activities outside of the state monopoly, the country’s gaming industry has an annual revenue shortfall of approximately EUR 500-550 million.

The report suggested two ways to reform Finland’s gaming market: reducing access to unlicensed gaming and introducing a licensing model. The report said that implementing a licence system could potentially result in a greater level of channelling in online gambling compared to the current state.

Welcoming the report, Veikkaus CEO Olli Sarekosk said, “The report is good and balanced. It is important that the amount of gaming margin outside the exclusive rights system is confirmed to be in the range of 500-550 million.

“If the system change is headed towards a licence system, from Veikkaus’ point of view, it is desirable that this change happens faster rather than slowly.”

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A recent study into the gambling monopoly system conducted by the Finnish government has concluded that maintaining the status quo is not a recommended option. 

Unlicensed Gaming Amounts to $600m Loss for Finland’s Exclusive Rights System

The report stated that around 50% of all gaming activity takes place on unlicensed sites, which amounts to a considerable loss of money outside the exclusive rights system, estimated to be around EUR500-550 million ($549-603 million) per year.

Furthermore, engaging in gambling outside the system can lead to considerable drawbacks, which are difficult to prevent under the current system’s framework.

Veikkaus’ top management welcomed the report and its findings and highlighted the scale of the offshore industry, expressing readiness to implement a licensed system to increase Finland’s channeling rates.

According to Olli Sarekoski, the CEO of Veikkaus, it is significant that the gaming revenue outside the exclusive rights system has been confirmed to be within the range of EUR500-550 million ($549-603 million), which is consistent with the information presented by H2 Gambling Capital.

Sarekoski further added that in Veikkaus’ opinion, if there is a shift towards a licensing system, it would be preferable for this change to occur quickly rather than gradually.

Already back in September 2022, Veikkaus’ deputy CEO Velipekka Nummikoski suggested that implementing a licensing system similar to Sweden’s, which reached 90% channelization, may be a good solution as more and more Finnish players are turning to unregulated markets. 

Several independent policy agencies recommended dropping the monopoly system, but the Social Democrat Party rejected the proposal. Veikkaus also asked for a delay in identification checks implementation, citing difficulties in supplying the necessary hardware.

Finland Considers Two Paths for Gaming Market Reform

The government report presented two possible paths for reforming the country’s gaming market. The first option – based on the Norwegian model – would be to reduce the availability of unlicensed offerings to Finnish consumers. This would be achieved by giving new powers to the regulator and law enforcement to make it more difficult to successfully deliver such gaming to users.

The second option would be to introduce a licensing model, which is the model embraced by the majority of Finland’s neighboring countries. 

According to the preliminary study, a licensing system could potentially result in a higher channeling rate for online gambling than the current situation.

The study further noted that a possible licensing regime would in principle cover online casino games and online betting. Veikkaus would retain exclusive rights for slot machines, physical casinos, on-premises betting, and lotteries, as well as lotteries and sweepstakes, regardless of the channel.

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