Gamblers in Finland are not naive to the local laws concerning casinos. Two state-owned companies, Veikkaus and PAF, control all gambling in the country. The government is serious about keeping total control of the nation’s gambling.
As the EU works to regiment the gambling laws in Europe, countries struggle to self-govern. While the majority of Scandinavia has allowed foreign companies, Finland has resisted. The ensuing chaos has left a confusing legal mess.
Writer and industry expert Maunu Seppinen will explore the laws that affect us. Maunu has been an avid gambling fundi with extensive knowledge in the field and today he’ll be helping us understand the regulations in Finland.
We’ll also look at the regulations on casinos and where we can play. In the interim, sites like netti-casino.biz can provide online casinos where we can play and provide plentiful information on the best casinos that Fins use for their iGaming and casino needs.
Untangling the Confusion
Legal gambling in Finland consists of two land-based casinos. Along with them are the Feel Vegas slots and a few online casinos. The state-run casinos’ part of the revenue aids charitable organizations. It also tries to curb gambling addictions. The results are the opposite.
A great many of us are taking our gambling to unsanctioned online casinos. The helpful plan of the current law gets bypassed and does nothing to aid the addicted gambler.
So then, what’s the deal with online gambling in Finland? While gambling at non-sanctioned casinos is illegal, the law is not enforced. The Finnish government requires that foreign casinos not advertise to Finns. But, remember that you must provide information on winnings with your taxes. Online gambling winnings are not taxable in Finland.
The Tax Man Cometh
Two Finnish researchers conducted a survey into gambling issues in Finland. They evaluated the amount of money spent on gambling monthly by individuals from diverse backgrounds. They then compared that to the amount of subsistence that got returned back to the income group.
The study determined that lower socio-economic groups spent more on gambling. Yet, they received less subsistence per capita. The report also found that those groups were more likely to have gambling issues.
The result of the study is that the onerous tax burden is on the lower income. It also shows the benefits tend to remain toward the upper levels. This results in a regressive tax usage of the money taken in. Sites devoted to laws and regulations can provide more information.
What are the Gambling Tax Regulations?
Gambling establishments in Finland are liable to pay taxes on their net profits, much like any other company and corporation that operates for profit. The local casinos, such as Casino Helsinki and Feel Vegas, are liable to a 8.25% on all profits. Players on the other hand, receive no tax repercussions on their wins.
But what about tax regulations on online offshore casinos? Offshore casinos and operators aren’t permitted to advertise to the Finnish nation, however, players still seek out and use them. These companies aren’t taxed in Finland, and much like local casinos winnings, the winnings you earn from online establishments is tax-free. The full amount is yours to use for whatever and wherever you’d like (provided there are no implications).
Regulations and The Law
To understand the gambling laws in Finland, we must examine the regulations as well. The regulations for the gambling industry in Finland limit adverts for gambling casinos.
The Finnish gambling regulations are simple. They state that players must be at least 18 years old and have a Finnish social security number. They also need a Finnish bank account and a verifiable address in the country.
After providing identification, the player must set limits on daily and monthly losses. At the start of the pandemic, the government implemented a limit. It’s since removed them. New restrictions mandate identification verification at Feel Vegas locations.
The government is discussing IP-block on gambling websites; these would prevent Finns from accessing unlicensed casinos. These plans are tentative.
While the laws on gambling in Finland are convoluted, one thing is clear. As long as players continue to invest in casinos, there will be revenue. The government must act to standardize the regulations. Common ground with the rest of the EU is essential. Finnish citizens are investing in other economies when they should be investing in ours.
Many Finns turn to offshore sites for their gambling needs, which players across the globe also do. However, are there implications for playing offshore? This is a bit of a grey area.
Online casinos that aren’t local to Finland may not advertise and promote their company within the confines of the country itself. Any establishment that does so, is breaking the local law. That said, there are no laws that prohibit Finns from playing at these casinos.
You can see as to why this is a grey area. When you take a step back and consider it, it would seem logical that a company that’s not permitted to advertise within the country wouldn’t grab the attention of locals, and therefore they can’t play. However, the reality is that this isn’t the case and many still use the offshore facilities and have faced little to no legal repercussions.
It’s not an activity that is properly regulated and sought out by the government (at the time of writing). We still advise that players stick to the local and legal casinos where there is full transparency and they are ensured full protection. It is also often advised that players avoid grey areas, as they won’t always play out to your favour.
Finland is a country that’s big on gambling and is among the top three countries in the world that contribute to the iGaming industry in the world. It’s crucial for Finns and those that are visiting the country to be aware of the taxes, laws, and regulations when gambling with the country. Remember, to always review and play responsibly and safely when online.