Finland sets online gambling monthly loss limit during Covid-19 pandemic
Since the outbreak of the Covid-19 pandemic, the cumulative number of diagnoses in Finland has approached 5,000, and more than 200 people have died. In response, the Finland Ministry of the Interior announced that the fast-paced gambling game provided by the local monopoly gambling operator Veikkaus is now reduced to 500 Euros per person per month. Compared with the previous 2,000 euros, it is significantly reduced. The goal is to protect players from gambling during the epidemic. This restrictions will take effect on May 1st, 2020 and will continue until September 30th, and apply to eBingo, virtual gambling, online slot games and table games (but not including poker).
In addition, the restriction will also apply to online lotteries, although all lottery draws in the country will be suspended from May 4. At the same time, the government will also require players to set their own daily and monthly loss limits, and the limit amount should not exceed the above maximum amount. Maria Ohisalo, the Minister of the Interior, said the new restrictions are necessary to reduce the possibility of problem gambling. Even if the threat of the Covid-19 may decrease before September 30, the new restrictions will continue to exist. The reason is that the pandemic caused economic difficulties for consumers, which may last longer.
The above-mentioned restrictions following similar recommendations have caused further hit to the operation of Veikkaus. In mid of March, Veikkaus was already in trouble after being forced to shut down its physical slot games and casino operations. Earlier, the company stated that the current weekly gambling revenue is less than 20 million euros. As expected before the pandemic, it was about 10 million euros less. And, the worst part is that it has not seen physical gambling players, moving closer to its online choice on a large scale. Since the outbreak, online casino revenue increased by approximately 1.5 million euros. However, due to the cancellation of most live sports events, this resulting revenue from sports gambling decreased by approximately 4.5 million euros.
As the Sweden gambling operators concluded, online gambling activity did not proliferate during the Covid-19 pandemic. This also shows that local gambling players will choose those international licensing gambling sites that provide customers with higher value in most of the conditions. The Swedish Ministry of the Interior acknowledges that after the new loss limit is implemented, a large number of players may turn to unlicensed international websites. Saaramia Varvio, head of the National Police Board’s Lottery Administration, pointed out that the police will monitor unauthorized gambling promotions on social media and take control measures to further limit the opportunities for Finland’s gamblers to use online alternatives.
