Finland is a country that is known for its love of gambling. In fact, Finland has one of the highest gambling rates in the world. So it’s no surprise that when online casinos such as Kasinohai.com started to become popular, Finland was one of the first countries to jump on board.
Today, Finland is home to some of the most successful online casinos globally. Many of the top online casino operators are Finnish companies. So how did Finland become such a powerhouse in the online casino industry?
Veikkaus A Government-Run Gambling Industry
The Finnish gambling industry is dominated by a single company: Veikkaus. Veikkaus is a government-run monopoly that operates all of the country’s land-based casinos, lotteries, and sports betting operations.
Veikkaus was created in 1948 to help fund social programs in Finland. The Finnish government owns the company and has a monopoly on all gambling in Finland. The company operates over 4000 slot machines, 1000 video lottery terminals, and more than 100 table games.
The revenue generated by Veikkaus is used to fund several social programs in Finland, including healthcare, education, welfare programs for children and families, arts and culture, and sports. Veikkaus is the only company in Finland that offers gambling products to Finnish citizens. This has given Veikkaus a virtual monopoly on the Finnish gambling market.
Non-Government Online Casino In Finland
Despite being a government-run monopoly, Veikkaus does not monopolize the Finnish online gambling market. In 2014, Finland passed legislation allowing other companies to apply for licenses to offer online casino games in Finland. Under this new law, non-government-owned companies can operate online casinos that accept wagers from Finnish players. This has led to a proliferation of online casinos in Finland, with many Finnish companies launching their online casino brands.
The Finnish Gaming Act
Another reason for Finland’s success in the online casino industry is the Finnish Gaming Act. The Finnish Gaming Act is the law that governs all gambling in Finland, including online casinos. The act was passed in 2011 and went into effect on January 01, 2012. It replaced an older law that had been in place since 1996 and brought many new regulations to the Finnish gaming industry.
The most significant change was a tax increase on gambling operators. Under the old law, gambling operators were taxed at 20%. The new Gaming Act increased the tax rate to 25%. This has made it more expensive for Finnish companies to operate online casinos. Still, it has not stopped them from doing so.
The Finnish Tax Authority
Another factor that has helped Finland’s online casino industry is the Finnish Tax Authority. The Finnish Tax Authority is the government agency that collects taxes from gambling operators. The tax authority has been very lenient with online casino operators in Finland. It has allowed them to operate without paying any taxes for several years now. This has given Finnish companies an advantage over their foreign competitors, paying taxes on their winnings.
Player Interest In Offshore Online Casinos
Despite the success of Finnish online casinos, many Finnish players still prefer to play at offshore online casinos. This is largely because there are no legal restrictions on playing at offshore casinos in Finland. Players are free to choose any casino they want and do not need to worry about violating any laws. Offshore casinos also offer a wider selection of games and bonuses than Finnish casinos, making them more attractive to Finns.
Future Of Casino Sites In Finland
We can expect to see a continued increase in online casino traffic from Finland in the future. The Finnish government has shown no signs of restricting access to offshore casinos and continues to allow them as long as they follow certain guidelines. It is also unlikely to impose any new taxes on gambling operators. Therefore, foreign competitors will continue to have a disadvantage in the Finnish market.
This means that Finnish companies are likely to maintain their leading position in the online casino industry. We can expect to see more of them entering the market in the years ahead.
Finland has become a gambling powerhouse over the past decade, and its online casino industry is no exception. There are many reasons for this, including strong government support, an educated population that loves to gamble, and favorable tax laws. In the years ahead, we can expect Finnish companies to maintain their dominant position in the online casino market and for traffic from Finland to continue to grow. Finland has become a gambling powerhouse over the past decade, and its online casino industry is no exception. There are many reasons for this, including strong government support.