A few weeks back, Finland took unprecedented action against BML Group, a subsidiary of Betsson, by imposing a blacklist. This was the first occasion when Finland handed a blacklist to a firm licensed by the Malta Gaming Authority. As per the judgement, all Finnish cryptocurrency entities, payment providers, and banks were mandated to halt any payment transfers from Finland to the operator’s bank account.
This major decision of blacklisting BML Group was made by the Finnish National Police Board. After Helsinki Administrative Court’s imposition of a record-breaking fine of EUR 2.4 million on BML Group for supposedly targeting the local market, the Betsson’s subsidiary was included in the list.
However, voicing disagreement with this fine, Betsson pledged to persist in safeguarding its interests and to approach a superior court. Now, per a spokesperson’s communications with NEXT.io, it appears the Supreme Administrative Court has agreed to put a hold on the order, till Betsson fully wraps up its appeal process.
Moreover, Betsson’s obligation to pay the EUR 2.4 million fine has been deferred till the finalization of the appeal process. This was further strengthened when Betsson was omitted from the blacklist published on the National Police Board’s official website, which corroborates the report.
As a critical note, Betsson went on to relocate its brands to a new parent body purportedly to bypass the payment impediment. The gaming services provided by Betsson for clientele within the EU—excluding Sweden and Ireland—were shifted over to Rizk Nordic Limited, another Malta Gaming Authority-licensed entity.
End of Veikkaus’ Monopoly Reign in Finland
As it stands, Finland still adopts a monopoly model whereby Veikkaus is the solitary company legally allowed to offer gambling services. Although strides have been made to abolish this monopoly structure, the entire overhaul will possibly take some time.
Despite the existing monopoly, Veikkaus—the dominant gambling entity in the country—has signaled its openness to the initiation of a licensing regime. They have, however, cautioned that such regulatory shifts might obligate it to downsize the workforce.
According to the current strategies, Veikkaus’ monopoly is anticipated to be completely phased out by the year 2026.
Meanwhile, the issue of severe gambling problems persists within the Nordic nation. A research report by the Institute for Health and Welfare reveals that as many as 150,000 citizens might be grappling with gambling issues.
These troubling figures underscored that regulatory transformations are urgent. It also highlighted the need for people to have access to a more effectively regulated gambling market.
