Finland Significantly Decreases Loss Limits for Online Content Offered by Veikkaus

As a result of the “exceptional circumstances,” the Finnish Ministry of the Interior has issued a decree which aims to cut monthly and weekly loss limits significantly. This decision refers to online products offered by monopoly operator Veikkaus, who also added that lottery draws will be suspended until further notice.

According to the decree, the measures will come into force from 1 May and will stay in place until 30 September. The new limits will be applied to online slots, online bingo, instant win games, and table games, while poker will be excluded.

Instead of €2,000 …

…which used to be the allowed limit before the current situation, the new monthly loss limit for “fast-paced online games” will be €500 (£435.9/$541.8). Also, the max daily loss per player has been halved from €1,000 to €500.

This means that an individual wouldn’t be able to gamble for the rest of the month should he/she reach the newly-established max limit in a day.

Apart from the momentary circumstances…

…Finland’s been putting enormous efforts to protect the consumers. Among the loudest institutions are the country’s Police as well as Transport and Communications Agency, Traficom. Both parties strive to prevent illegal gambling ads on television and radio, pushing Veikkaus to follow the marketing guidelines.

Will Some Additional Precaution Measures Be Taken?

Pekka Ilmivalta, Veikkaus director of legal and social responsibility stressed out that the company had made the necessary technical changes, ensuring it would be able to enforce the limits from the dates set out by the Ministry.

Among other changes to take place…

…the operator said raffle draws will be suspended from 4 May until further notice. However, the provider will try to come up with ways to continue offering its core lottery products during the suspension period.

Raffle tickets, which can also be awarded as a prize in instant win games, will continue to be sold. On the other hand, the draws will be held once the restriction is lifted.

Huge Impact on Revenue

The decision to temporarily decrease loss limits and suspend the raffle draws are the latest examples of the current crisis impacting the Finnish monopoly’s revenue. As far as the stats show, the revenue had declined by around 40.6% since Finland was affected.

From 13 March…

…all land-based casinos and gaming halls closed their doors, and slot machines went offline. Over the five weeks since the closure, the company estimated that it had lost out on around €60m in revenue in this sector.

Source:

“Finland cuts gambling loss limits to €500”, igamingbusiness.com, April 28, 2020.