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Regulation Compliance

Veikkaus Lowers Online Slot Loyalty Bonus to 7% in August 2023

Finland's state gambling operator Veikkaus has announced a reduction in its customer loyalty bonus for online slot and casino games. From August 10, 2023, the loyalty bonus rate will be lowered to 7%, down from the previous 16% rate. This adjustment follows regulatory changes aimed at limiting player rewards as part of broader efforts to reduce gambling harms and promote responsible play. Veikkaus' decision reflects compliance with new guidelines controlling bonus offerings within the Finnish gambling market. The operator continues to adapt its customer reward programs to meet legal requirements and support safer gambling practices among its users.

Aegis Insights • Jul 31, 2023 • 1 min read
Regulation

Finland Proposes Limiting Slot Machines to State-Owned Gambling Venues

The Finnish Ministry of the Interior has proposed a plan to restrict land-based slot machines exclusively to state-owned gambling venues. Under the proposal, slot machines would no longer be allowed in supermarkets, staffed service points, and other everyday retail locations where they are presently widespread. The initiative aims to mitigate the social and health harms related to gambling by reducing the easy accessibility of slot machines. Currently, slot machines in non-specialized venues are responsible for about half of the total gambling losses in Finland, which has raised concerns among policymakers and social service providers. The Ministry's plan supports consolidating gambling machine operations within controlled environments operated by Veikkaus, the state monopoly provider, to better monitor and manage gambling activities. This regulatory development marks a significant step toward tighter control of gambling products and reflects a broader focus on responsible gambling and consumer protection in the Finnish market.

Aegis Insights • Jul 26, 2023 • 1 min read
Regulation

Finnish Competition Authority Upholds Current Lottery Licensing Framework

The Finnish Competition and Consumer Authority (FCCA) has announced it will not take further action regarding the existing lottery licenses held by the Finnish Slot Machine Association (RAY) and the Finnish National Lottery. Following a careful review of market competition and regulation, the authority has decided that the current arrangements sufficiently comply with competition rules and do not require additional intervention. This decision affirms the stability of Finland's lottery market under the current regulatory regime. The ruling aims to preserve the status quo amid ongoing discussions about gaming market oversight and licensing policies in Finland. The FCCA's move highlights a commitment to evaluating market dynamics without disrupting established licensure unless necessary.

Aegis Insights • Jul 20, 2023 • 1 min read
Regulation

Finnish Government Proposes End to Veikkaus Monopoly in 2026 Gambling Reform

The Finnish government has unveiled a gambling reform proposal aiming to dismantle the long-standing state monopoly on gambling held by Veikkaus by the year 2026. The reform, announced on June 15, 2023, introduces a new licensing system that will open the Finnish gambling market to private operators under a regulated framework. The government’s proposal focuses on strengthening consumer protections and imposes stricter controls to combat gambling-related harms. This initiative aligns with broader public health goals and aims to address issues related to excessive gambling while expanding market competition. The reform represents a significant shift in Finland's gambling policy, which has historically favored a monopoly model, and it signals a move toward more liberalized but closely regulated gambling operations within the country.

Aegis Insights • Jun 15, 2023 • 1 min read
Regulation Compliance

Veikkaus Fined €100 Million for Late Suspicious Transaction Reporting in Finland

The Finnish Financial Supervisory Authority (FIN-FSA) has imposed a €100 million fine on Veikkaus, Finland’s state-owned gambling company, for violations related to delayed reporting of suspicious transactions. This penalty represents the largest sanction issued under Finland's anti-money laundering legislation. The issue concerns 118 suspicious transaction reports (STRs) that Veikkaus delayed in submitting during 2019. Most of these delayed reports involved cash transactions at Veikkaus' physical gambling venues. Veikkaus, which operates national lotteries, gaming machines, and other gambling activities, is required by law to promptly report suspicious transactions to authorities to prevent money laundering and other financial crimes. The FIN-FSA’s decision highlights the importance of compliance in Finland’s gambling sector to ensure the integrity and transparency of financial operations. This substantial fine sets a precedent for regulatory enforcement within the industry, emphasizing that even state-controlled operators are held accountable for lapses in anti-money laundering controls. It also underscores ongoing regulatory vigilance aimed at strengthening Finland’s financial crime prevention framework.

Aegis Insights • Jun 08, 2023 • 1 min read
Regulation Finance

Finland Proposes Increased Gambling Tax on Veikkaus to Fund Social Services

The Finnish government has proposed increasing the gambling tax on Veikkaus, the country's state-owned gambling monopoly, by 20 percentage points starting in 2024. The government plans to use the additional tax revenue generated to support Finnish municipalities and create foundations focused on social and health care services. The reform is intended to better address gambling-related harms, improve prevention, and enhance the availability of treatment for gambling addiction. Veikkaus currently holds exclusive rights to operate gambling in Finland. This tax adjustment is part of a broader initiative to renew Finland's gambling policies and improve overall regulation. The government estimates the reform will strengthen funding for social welfare programs while maintaining regulatory oversight of the gambling industry.

Aegis Insights • Jun 01, 2023 • 1 min read
Technology Marketing

SpinCore Studios Partners with Finnplay to Launch in Finnish Regulated iGaming Market

SpinCore Studios has announced a partnership with casino platform provider Finnplay to launch its portfolio of online casino games in the regulated Finnish iGaming market. Under the deal, Finnplay will integrate SpinCore's games into its platform, granting SpinCore access to Finland's recently regulated online gambling sector. This collaboration is part of SpinCore's broader strategy to expand its presence in regulated European markets, leveraging Finnplay's technology and compliance expertise to navigate the local licensing environment. SpinCore Studios specializes in creating online slot games designed to meet stringent regulatory standards, while Finnplay provides a fully managed platform solution to facilitate market entries for game developers and operators. The Finnish market has recently been opened to licensed operators, making this partnership a timely step for SpinCore's growth ambitions in Northern Europe.

Aegis Insights • May 18, 2023 • 1 min read
Regulation Leadership

Finnish Government to Dissolve Veikkaus and Restructure Gambling Operations in 2024

The Finnish government announced on April 12, 2023, its decision to dissolve Veikkaus Oy, the state-owned national gambling company, and transfer its gaming business to a newly established limited liability company owned by the Ministry of Finance. This step is part of a broader plan to restructure the Finnish gambling sector, aiming to clarify and focus gaming activities while separating lottery and social cause fundraising functions. The restructuring efforts reflect a commitment to enhance social responsibility in gambling operations and increase efficiency within the sector. The new company will be organized under the direction of the Ministry of Finance, which will oversee its management and operations. The government expects to complete the implementation of these changes during 2024, aligning with Finland's regulatory and public policy goals related to gambling management.

Aegis Insights • Apr 12, 2023 • 1 min read
Regulation Finance

Finland Enacts Law Redirecting Lottery Profits Directly to Social and Sports Organizations

In March 2023, Finland’s parliament approved legislation requiring that profits from state pioneer lotteries be allocated directly to social welfare organizations, sports clubs, and youth work initiatives. This measure replaces the previous framework in which lottery profits were distributed through the state budget and subsequently redirected to various causes. Veikkaus Oy, the Finnish state-owned gaming company, will be responsible for distributing grants directly to these organizations through a newly established social allocation system starting in 2024. The legislative change aims to enhance transparency and efficiency by ensuring the funds from gaming and lottery profits reach beneficiary groups without intermediary channels. This marks a significant modification in the Finnish lottery and gaming sector, emphasizing targeted support for community and social services funded by lottery revenues.

Aegis Insights • Mar 22, 2023 • 1 min read