Industry News
Q&A with Joonas Karhu from Bojoko
What is the current state of play in Finland when it comes to online casino/sports betting regulations?
The online licensed operator in Finland is Veikkaus and it has a monopoly on all land-based, online casino and sports betting. That being said, players in Finland are allowed to gamble wherever they like however operators are not allowed to advertise their brands within the borders of Finland. This is why you see a large number of affiliates running Finnish-language versions of their sites as there is no law preventing them from pushing players from Finland to their operator partners, so long as they are not considered to be advertising within the country’s borders.
Do you believe the market will ultimately move away from being a monopoly? If so, why?
Ultimately, Finland will open up its market through a regulatory framework and licensing model similar to what is in place in Sweden. And it really is only a matter of time before this happens. Last year, Finnish journalist Senja Larsen wrote a book called Veikkauskratia that brought to light some of the horrors of the country’s gambling monopoly. The discussion about the open model versus the closed monopoly has been brewing for years but the book has caused things to explode.
The proceeds Veikkaus generates are now being directed to the government budget but before they were distributed directly by the operator. This has led to instances of corruption. Now that the proceeds are being controlled by the government, it makes instances of corruption much less likely and not only that, but the government will be able to clearly see the greater benefits that regulating and licensing land-based and online gambling will bring to the country.
How long do you think it will take before the market is regulated/licensed and more operators are allowed to enter?
A parliamentary election is set for 2023 and I believe that this will be one of the key topics discussed throughout the election process. Given the tremendous benefits that licensing and regulation would bring, and that other European countries continue to embrace open gambling markets, it could easily be the case that Finland has a licensed market as early as 2024.
What opportunities does the Finnish market present now for operators and affiliates?
A 2017 article in the Economist put Finland as the fourth biggest market in the world based on gambling losses per adult so the potential for operators and indeed affiliates is clear. Of course, due to the current monopoly approach operators and affiliates need to tread carefully to ensure they do not fall foul of the country’s gambling laws. At present, it is about considering whether the balance between risk and reward can be struck, and despite the clear opportunities the market offers, for many it is better to wait for the country to embrace regulation and licensing.
How will those opportunities change in the event the market moves away from the monopoly model?
The cost of operating in the market increase as operators will have to ensure they are compliant with the regulations in place. They will also have to market to players, and in the early days those that can spend big and be more aggressive are best placed to gain the all-important first-mover advantage. Another challenge will be securing talent – companies will undoubtedly open offices in Finland and seek to onboard those with experience in the market. This can lead to a situation where supply outstrips demand. Of course, a regulated, licensed market gives businesses the confidence they need to invest into the industry which in turn helps it to grow.
Do monopolies ultimately harm the consumer experience? If so, how/why?
Many years ago, a number of Finnish political leaders and perhaps the gambling monopoly Veikkaus came up with a story that with a monopoly they can protect the consumer better. With this story, Finland got a wild pass from the EU to maintain this approach to its gambling industry. Of course, several years on we now know, based on data both from Finland and Norway, that actually a monopoly creates more gambling problems when compared to regulated markets.
When it comes to consumer experience, every year we see that consumers play less at Veikkaus than the previous year and more abroad and at offshore sites. This is no surprise as the world has been globalising for years and consumers want choice. I mean if you just look at the list of online casinos regulated by the UKGC we have at Bojoko here, you can see that there are 200 of them.
What are the main benefits that licensing and regulation could bring to Finland?
Better player protection. No one company can be more responsible than the sum of many with independent and objective regulations and regulators. It also creates more value for players due to the competitiveness of a free market. In addition, it leads to better channelisation which in turn generates increased tax revenues for the Finnish government instead of money flowing abroad. Opening up the market also creates opportunities for businesses as gambling companies need often work with third-parties while also providing solid ground for start-ups looking to bring something new and exciting to the market.
Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.
Latest News
Bragg Gaming Group announced it has reached an agreement with its lenders, certain entities controlled by Doug Fallon, to repay USD 5 million of its outstanding USD 7 million secured promissory note and to extend the maturity of the remaining USD 2 million until June 6, 2025 (the Note). The company is in the process of securing a new revolving credit facility from a third-party lender. This facility is expected to offer more favourable terms than the existing Note, including lower borrowing costs and improved drawdown flexibility. All other terms of the original Note remain unchanged.
PENN Entertainment Inc announced plans for an expected $180–$200 million project to relocate its Ameristar Casino Hotel Council Bluffs (Ameristar) riverboat casino operations to a new, state-of-the-art land-based property to be rebranded as Hollywood Casino Council Bluffs (Hollywood Council Bluffs). The proposal is approved by the Iowa Racing and Gaming Commission in conjunction with a 15-year extension of Ameristar’s partnership with the nonprofit Qualified Sponsoring Organisation (QSO) Iowa West Racing Association. All commercial operators in Iowa are required to have an operating agreement with a QSO licensed to conduct gaming operations. Under the proposed plan, the new Hollywood Council Bluffs is expected to include roughly 125,000 square feet of new development with approximately 58,000 square feet of gaming space.
PENN Entertainment Inc announced that it intends to nominate Johnny Hartnett and Carlos Ruisanchez for election to its Board of Directors following discussions with HG Vora Capital Management LLC (HG Vora). Ron Naples has informed the Board that he will retire from the Board, effective immediately. Barbara Shattuck Kohn and Saul Reibstein have notified the Company that they will not stand for reelection at the 2025 Annual Meeting of Shareholders. The Board now comprises eight directors, seven of whom are independent.
Partnerships
The National Collegiate Athletic Association (NCAA) and Genius Sports Limited have announced a significant extension of their long-term partnership, reinforcing their shared commitment to innovation, transparency and the integrity of college athletics. Under the expanded agreement, Genius Sports has been appointed as the exclusive distributor of official NCAA data to licensed sportsbooks for all post-season tournaments, including March Madness, through 2032. This long-term agreement ensures the delivery of fast, accurate and secure data to the regulated sports betting market.
PrizePicks, the largest daily fantasy sports operator in North America, announced that it has been named the Official Daily Fantasy Partner of the San Francisco Giants. The new partnership strengthens the DFS leader’s presence in professional baseball and features digital and in-park activations at Oracle Park. As part of the multi-year partnership, PrizePicks branding will be showcased prominently throughout Oracle Park with rotating signage behind home plate and LED signage on each baseline. PrizePicks logos will be featured across the K-Counter in right field, creating an interactive experience for fans in the ballpark. Fans seated on top of the right field wall near the strikeout counter will have the opportunity to flip over the PrizePicks branded signs, revealing a “K” for each strikeout earned by a Giants pitcher.
The post Gaming Americas Weekly Roundup – April 28-May 4 appeared first on European Gaming Industry News.
Ruud Bergervoet has been reappointed as CFO of Holland Casino. He will remain financially responsible for the gambling provider for another two years. Bergervoet has already been CFO for two terms of four years, but due to the special circumstances of the company, he has been asked to remain as a director.
CEO Petra de Ruiter said: “I am very happy that Ruud is prepared to stay with us. With his experience and knowledge of the company, he is indispensable at this moment. We have to work very hard in the coming years to keep Holland Casino financially healthy. And I am certain that this is in good hands with Ruud.”
Ruud Bergervoet has been working at Holland Casino since 2017. Before that, he worked as CFO at FD Mediagroep and Sdu Uitgevers, among others.
During the shareholders’ meeting of April 16, Bergervoet was nominated by the Supervisory Board and his nomination was confirmed.
The post Ruud Bergervoet Reappointed as CFO of Holland Casino appeared first on European Gaming Industry News.
AskGamblers has announced that the final voting stage of the 8th annual AskGamblers Awards has started.
The voting phase kicked off on 28 April, and will last until the award ceremony scheduled for 12 June.
As in previous editions of the Awards, players can cast their votes for one of the top 10 finalists in the following categories: Best Casino, Best New Casino, Best Sportsbook, Best New Slot and Best Software Provider.
The Best Crypto Casino, Best Partner and Best Manager categories will traditionally be chosen by the AskGamblers team. This year’s edition introduces a new category, the Superstar Award, a crown achievement handed out to one operator that best represents the values of brands, whose laureate will also be chosen solely by AskGamblers.
Another novelty in this year’s Awards cycle is the Forum vote: the votes from the members of AskGamblers Forum will be counted towards the final tally of votes as a separate voting tier.
Commenting on the launch of the 8th AskGamblers Awards voting stage, Dijana Radunović, General Manager at AskGamblers, said: “Now that we have the finalists, we are entering the final stages of preparation for our biggest night of the year. To say that we are excited about the 8th edition of the AskGamblers Award would be an understatement.”
“As everybody in the team is working tirelessly to make the gala ceremony a night to remember, we invite our players to do their bidding: to give a vote to their favourite contestants and help us choose the rightful winners in the five categories that are open to public vote,” Radunović added.
Before the award ceremony on 12 June, AskGamblers will host the traditional Charity Night on 11 June, where the partners will bid for positions on the website, with the money raised allocated to a humanitarian cause.
The post The 8th AskGamblers Awards Officially Enters the Voting Stage appeared first on European Gaming Industry News.
-
partnerships3 weeks agoOctoplay accelerates UK and Irish growth with strategic BoyleSports partnership
-
Compliance Updates4 weeks ago
GRAI: Join the Ongoing Public Consultation
-
Latin America3 weeks ago
SOFTSWISS Ignites Brazil with ‘Race Like a Legend’ Experience
-
Press Releases4 weeks ago
Booming Games Unveils Easter Classics: A Charming Springtime Slot Full of Fluffy Fun and Festive Wins
-
Balkans3 weeks ago
Playson tightens grip on Croatian market with landmark Hrvatska Lutrija deal
-
Asia2 weeks ago
Jetapult Strengthens AI Expertise: Onboards Industry Leaders, Oz Silahtar and Dr. Arjun Jain
-
Africa4 weeks ago
INCENTIVE GAMES SIGNS EXCLUSIVE DISTRIBUTION DEAL FOR NORTH AMERICA, EUROPE, SOUTH AFRICA AND UK WITH LIGHT & WONDER
-
Latin America3 weeks ago
SCCG Becomes Sponsor of SFT Combat
