Veikkaus Approves EUR 500 Loss Limit
The Finnish gambling industry monopolist Veikkaus has recently announced that the daily loss maximum implemented during the lockdown will remain in force.
It means that players from Finland won’t be able to lose more than five hundred euros, while they are playing so-called “fast online games”.
The measure was taken in 2020
Although the decision to limit players in their gambling expenses was taken a year ago, according to news articles https://logincasino.org/news/sort/casino, the state-owned operator wanted to make it permanent.
The lockdown made the Finns stay at home and enjoy entertainment on the web instead of the outdoor activities. This resulted in more people being interested in gambling, even those who had never tried it before. In many countries, there was a spike in the number of gamblers and those who had the signs of gambling addiction.
It became the main reason why the country’s government put restrictions on daily and monthly loss limits. The new regulation encompassed almost all sectors of the gambling industry, including the online lottery, slot machines, bingo games, etc. Only the online poker vertical wasn’t limited in terms of players’ spendings.
It is worth mentioning that even before the COVID-19 pandemic, the Ministry of the Interior has already put limits on losses. Players could lose a maximum of EUR 1000 every day. From May 1, 2020, the Finnish gamblers were allowed to lose not more than €500. According to the representatives of the government body, new rules were the best way to protect vulnerable social groups from the negative effect caused by the gambling industry. They have also noted that the loss cap will not only help the Finns to save their finances but will also help those who suffer from mental problems caused by gambling.
After the first attempt to control the gambling addiction rate, the Ministry of the Interior moved beyond. It has been announced that the temporary restriction will be prolonged till March 2021. In March, the rule got another period of staying in force till June 30.
Announcement of making the regulation permanent
Recently, Veikkaus has announced that it has made the decision to make monthly and daily limits permanent. Moreover, casino users can also set additional limits for sums, which they can lose during a day or a month. The Minister of the Interior said that the usage of a loss cap proved to be an effective method for fighting against gambling addiction in the country. Its prolongation will help to solve several problems:
- improve Finland’s citizens’ financial welfare;
- protect them from debts;
- help them to avoid rash expenditures.
As was mentioned in many online magazines about the gambling industry, such as https://logincasino.org/, there were many debates concerning the Ministry’s decision. Some experts say that it can become the end of Veikkaus’ monopoly, and the country can reconsider its approach to privately-owned companies. The European Gaming and Betting Association has recently addressed Finland’s government, saying that it is high time to open the market for all operators. Being the only country, which has a gambling monopoly, Finland doesn’t have a perfect protective system. Players can find other gambling services on the Internet without any effort, and tight regulations will only make them consider offers from offshore providers.