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Veikkaus Executive Says Any Change to The Current Gambling Licensing Structure Will Negatively Impact Social Funding

Veikkaus Executive Says Any Change to The Current Gambling licensing Structure Will Negatively Impact Social Funding
Veikkaus Executive Says Any Change to The Current Gambling licensing Structure Will Negatively Impact Social Funding

Amidst calls for changes to the monopoly status of the Finnish state-run gambling company Veikkaus, Veikkaus executive vice-president Velipekka Nummikoski has charged back and said that any changes to the current gambling licensing structure would dramatically impact the funding for social causes and would also lead to an increase in gambling-related harms.

While there have been voices demanding liberalization of the Finnish gambling market, Nummikoski said that it would have far-reaching impact as the state-run gambling monopoly puts aside at least 72 percent of its profits for social causes in the country.

He pointed out that if overseas gambling operators are allowed in the Finnish gambling market the percentage of profits which goes towards social causes is likely to decline by huge margins.

Giving an example of the Danish gambling market, Nummikoski said that the percentage of profits returned to society from gambling had declined from 62% prior to the opening of the country’s regulated igaming market in 2012, to around 44% at present.

“In Denmark, after the regime change, according to reports from the local authorities, the volume of gaming has increased dramatically, especially in the most harmful, fast-paced online casino and sports betting products.

“Only Veikkaus requires a Finnish player to set daily and monthly gambling limits for fast-paced games. So Veikkaus isn’t chasing players’ last euro at all costs.”

“The proceeds of gambling are always used for something, and in Finland, profits are earmarked for good causes,” he said. “Of course, the returns could also go to venture capitalists,” he added.

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Harry Matthew

Harry Matthew

Harry serves as a resident reporter for Casino Buzz. He has been responsible for building the content base and forms the core reporting strategies for the website. Along with reporting, Harry is an amazing baseball player with good record at university level. He can be reached at hm@casino.buzz

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