Finland disallowed the entry of new operators in the gambling market and planned...
The government of Finland is divided into three bodies namely: Fintoto Oy, RAY and Veikkaus Oy. These three bodies are in-charge of controlling of the gambling market of the said country. While the gambling industry is performing well in the raising of money, there is peculiarity in the spending of these funds as they are used to support social improvement programs and non-profit organization projects.
There are three Main Players in the Gambling Market. These shall be explained as you read along:
RAY is a brick and mortar game controller that takes charge in popular table games, casino games and slot machines.
2. Veikkaus Oy
Veikkaus is responsible in monopolizing the Finnish National Lottery. This body sees to it that the money raised by the gambling market is used to support the growth of arts, culture, science and sports.
3. Fintoto Oy
Fintoto Oy is in-charge with the horse racing industry which is also one form of money-making industry. The body ensures that the money generated in this gambling activity is used to support improvement projects for horse breeding and horse sport activities.
Online gambling has been legalized in Finland in the year 1996. The Alands Penningautomat Forening or PAF is another body of the government that is responsible in the regulation of gambling in the Aland Islands of Finland. This body has the power to run the following: casino websites, bingo websites, online sports book and poker rooms. The income generated from this regulated games is used to support projects for sports and the social sector.
As far as the operations have been running, there were quite some glitches encountered. All Finns are able to access sites as operated by the PAF. As a result the PAF was claimed to violate some rules as observed by the RAY. Because of this issue, the government of Finland declared PAF as the only legitimate body that provides licenses to operators in the online gambling industry in the country.
After a series of discussions, RAY got its authority to operate in the online market as it was allowed to open its personal gambling website. From this time on, both Fintoto and Veikkaus were also given permission to operate to operate in the online world.
Amidst the pressure promoted by the European Commission, the government of Finland disallowed the entry of new operators in the gambling market. Actually, they also planned not to entertain any financial transaction with them or even block their sites.
Although the recommendations offered by the European Commission are being ignored by the Finland government, this scenario is, most likely, going to be a temporary. First, Finland will do its best to research for vital resources to protect its monopoly. Second, the European Commission will work hand in hand with Finland and other monopolies in Scandinavia. Finally, advice is given by the experts against those who support the measures, as they discontinue the development of gambling businesses and inhibit the Finns from receiving probabilities.