Finland’s Paf Reveals New Online Gambling Regulations
Despite the EU’s best efforts, Finland still only allows one company to control the country’s gambling industry. Interestingly, this country also manages a company that operates around the world. It appears that Finland’s Paf, the company operating abroad, is setting new regulations for its players.
Today, we’re going to look at exactly which new gambling regulations are coming. We’ll also talk about the state of Finland’s gambling industry, and how it might change in the future. Let’s get into it!
Finland’s Set of Gambling Laws, Explained
Finland has a strange set of gambling laws. The first real regulations on this industry came back before World War II. Over time, heavier restrictions began to work their way into Finland.
Eventually, just three companies in this country were permitted to offer gambling services in Finland. Together, these companies were able to provide a wide range of different gambling options, including sports betting, casino games, and bingo. In 2017, one company managed to buy the other two gambling operators, giving it a monopoly over Finland’s gambling industry.
This same company, called Veikkaus, still operates today. It’s the only gambling company operating in Sweden. Members of the EU argued that this monopoly was against the law, yet Finland has been able to keep it up and running.
Unfortunately, rates of gambling addiction have been increasing here. As a result, the government has been setting new regulations on land-based online gambling. Several politicians are also interested in opening the online industry to foreign gambling operators.
Finland’s government also controls the Aland Islands-based company called Paf and is licensed in several different countries. It’s popular Sweden and offers a range of different gambling options.
This week, Paf announced a new set of gambling regulations.
Finland’s Paf Announces a New Set of Gambling Regulations
Officials in Finland have been busy working on ways to . Paf is doing the same for gamblers based in other countries. Years ago, this company set a limit on how much their players could lose in a year. The €30 thousand limit was intended to help gamblers from losing too much money.
Now, Finland’s Paf has announced that it’s lowering this limit to €25 thousand. These new regulations will come into effect on January 1st, 2020. Christer Fahlstedt, CEO of Paf, commented on this news to the media this week.
He believes that the company isn’t content to “pat ourselves on the shoulder when we have done something good.” Fahlstedt also stated that “none of our players should be able to lose their house or their home.”
It’s unclear exactly what impact this will have on members of Paf. Many online gamblers do not lose anywhere near the €25 thousand limit that will soon be in place. For gambling addicts, however, this may be the regulation needed in place.
The Online Gambling Industry in Finland May Finally Open Up
As we mentioned earlier, several prominent Finnish politicians have begun actively calling for the gambling industry to open to foreign companies. Many believe that the lack of options is contributing to a decline in revenue. Many individuals here now play through gambling sites in Europe not regulated in Finland.
There’s also the rise of gambling addiction. Lawmakers in this country are looking for ways to control this issue. Initially, it was thought that by controlling all forms of gambling, the government could better limit rates of problem gambling. This does not appear to be the case.
Many are now calling for Finland to develop similar laws that Sweden implements. Earlier this year, Sweden officially began allowing foreign gambling companies to operate in the country after obtaining a license from the government. It’s proving to be an extremely lucrative decision.
It seems likely that within the next few years, lawmakers in this country will decide to allow internet gambling companies around Europe to operate here.
Do you think Finland’s Paf will change anything with these new regulations? Should Finland open its gambling market to foreign companies? Let us know in the comments section below!
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