New Gambling Legal Reforms Approved by Finland Government
Finland’s government has taken necessary action and approved a set of new laws revolving around online gambling in an effort to protect consumers. The new documentation covers several areas of the betting industry, and after months of deliberation, the final terms have been agreed upon. Debates in parliament took place last week, and ministers were able to solidify the ideals of the country’s gambling sector with the new laws set to be introduced in 2022. This is a big day for Finland’s online betting scene, and these changes will directly affect almost every online sportsbook in the country.
Finland’s government has finally solidified the new legislative measures for the online gambling industry. The introduction of new laws revolving around betting is nothing new, but these latest changes could make a drastic difference for businesses and consumers alike. Online firms are especially cautious as they wait to discover what the new legal measures will entail for the future of the industry. ©BeHappyTravel/Pixabay
Today, Finland’s government has made a massive statement following the release of new legislative measures directly affecting the online gambling industry. For a long time in Finland, the online betting industry was heavily unregulated, gangs of back-alley firms controlled a majority of the market, and it took the government years to react and intervene. Now they’re heavily invested in the industry, and it has become one of the most closely monitored sectors in the country. The government created the Finland Gambling Authority to assist with this duty, also known as Sisäministeriö.
The job of the regulators is to provide reports to the government about any mishandlings or issues in the current industry and provide evidence so parliament can step in and make changes. They do not have the power to change laws themselves, and Finland is one of the only countries in the EU that runs with this policy. Many other nations such as Germany, Spain and the Czech Republic all have independent gambling bodies that directly oversee the industry as well as possess legislative powers.
Consumers and online sportsbooks have been crying out for government control for years, and now they are beginning to take serious action against unlicensed firms. The licensing process has also been a topic of discussion recently. Many MP’s believe that the selection committee is too harsh and that more online firms need to be granted licenses to inspire market competition. Despite these pleas from the back-benches, no changes on that front have been given, and it’s likely it will remain that way for many years to come.
The advertising standards have been under harsh scrutiny in Finland, and many other European countries have issued strict decrees to address the marketing materials of online betting firms. For years, the advertising aspect of online betting has been heavily criticised for causing addiction and former addicts to relapse into old habits. Finland’s government have stopped the problem at its source, and in October, Finland’s parliament introduced new marketing regulations to help reduce the number of adverts on television and social media. Underage gambling has been rife in Europe for months, but Helsinki’s ministers are keen to combat the problem directly.
So What do the New Regulations Entail?
The Finland government has just approved a new section of gambling legislation to reshuffle the industry’s current landscape. These changes are designed to benefit the consumers’ security and provide platforms with a wall to fall back on. It’s safe to say that the changes are stricter and will directly affect certain online sportsbooks that have a track record of stepping out of line. While many responsible gambling firms will barely notice the difference, unlicensed and other types of businesses will definitely come into contact with the legal measures at some point.
First of all, the government has changed access to payments for consumers. Adding a new payment blocking scheme means that the national police commission can directly prevent transactions from consumers to online betting sites if they’re on a blacklist. This also affects companies who have defied the law before and any sportsbook on the backlist cannot receive payments from consumers. They have also introduced a new infringement scheme that will provide harsher sanctions for betting sites that overstep the boundary of advertising or platform expansion.
