{"id":296,"date":"2024-06-28T07:50:30","date_gmt":"2024-06-28T04:50:30","guid":{"rendered":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/"},"modified":"2024-06-28T07:50:30","modified_gmt":"2024-06-28T04:50:30","slug":"the-end-of-finnish-dominance","status":"publish","type":"post","link":"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/","title":{"rendered":"The End of Finnish Dominance"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/za7QCTZ2k1Q\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The Finnish government-owned gambling monopoly, Veikkaus, has reaffirmed its backing for the implementation of a licensing framework for gambling activities. The company has reported consistent performance for the initial six months of the year.<\/p>\n<p>Veikkaus maintains that a licensing framework is the most effective approach to redirecting consumers from unauthorized to authorized operations. The company has expressed its support for ending its monopoly on gambling while maintaining a steady performance. During the first half of the year, Veikkaus has advocated for the introduction of a licensing system.<\/p>\n<p>Veikkaus&#8217;s CEO, Olli Sarekoski, stated in presenting the half-year report: &#8220;Of paramount importance is the ability to direct a greater proportion of gambling activities towards licensed operations compared to the past. We believe that a licensing system best facilitates this objective, as well as fostering more responsible gambling practices.&#8221;<\/p>\n<p>Sarekoski added that Veikkaus is &#8220;strategically prepared&#8221; to adapt its operations regardless of the adopted gambling regulatory framework.<\/p>\n<p>He stated: &#8220;However, change necessitates renewal and growth for Veikkaus and its employees.&#8221;<\/p>\n<p>Veikkaus reported a slight uptick in revenue for the first half of the year. Veikkaus achieved revenue of \u20ac519.3 million in the six months ending June 30, representing a 1.0% increase from \u20ac515.9 million in the same period last year.<\/p>\n<p>This encompasses its primary B2C business. Veikkaus&#8217;s B2B subsidiary, Finnika Gaming, reported a turnover of \u20ac300,000 for the six-month period. <\/p>\n<p>A Finnish gaming firm supplies online lottery goods to European operators.<\/p>\n<p>The online gambling division of Veikkaus saw a surge in income, rising by 9.4% in the first six months of the year to \u20ac93.2 million. The monopoly attributed this growth to a series of successful game launches.<\/p>\n<p>&#8220;Veikkaus&#8217;s performance and outcomes for the first half are in line with our expectations, and we are generally pleased,&#8221; said CFO Regina Sippel. &#8220;The first half was strong, particularly in Veikkaus&#8217;s digital channels.&#8221;<\/p>\n<p>The firm is facing rising costs from all sides.<br \/>\nDespite the increase in income, the company is also facing rising costs, which have impacted potential profit growth. All expenses have increased compared to the same period last year, but some have increased faster than others.<\/p>\n<p>Specifically, the cost of lottery taxes rose by 48.1% from \u20ac17.5 million to \u20ac25.9 million. The company&#8217;s other business expense categories, including development costs, increased from \u20ac51.7 million to \u20ac60.5 million.<\/p>\n<p>Veikkaus&#8217;s employee benefit costs grew more slowly, increasing by just 10.2% to \u20ac46 million. Meanwhile, the cost of materials and services remained relatively stable, increasing from \u20ac59.3 million to \u20ac61.1 million.<\/p>\n<p>The company&#8217;s depreciation and amortization costs also increased from \u20ac16.5 million to \u20ac17.1 million.<\/p>\n<p>Rising costs ate into profits.<br \/>\nAfter accounting for rising costs, the company&#8217;s operating profit fell by 6.2% to \u20ac310.2 million from \u20ac330.8 million in the same period last year.<\/p>\n<p>Due to 1 euro. <\/p>\n<p>Following a \u20ac7 million capital infusion and accounting for \u20ac21,700 in financial costs, the firm declared a total profit of \u20ac311.9 million. Due to its government-owned status, it was exempt from income tax.<\/p>\n<p>Veikkaus is optimistic about Finikka&#8217;s future. The operator emphasized Finikka&#8217;s progress during this time. The subsidiary began operations in May 2022 and reported \u20ac300,000 in revenue during the reporting period, leading to a \u20ac3.4 million deficit. Veikkaus stated that this was in line with expectations.<\/p>\n<p>Timo Kiskisinen, Chief Executive Officer of Finikka, highlighted the company&#8217;s offerings.<\/p>\n<p>\u201cFinikka Games&#8217; business clients are satisfied with the quality of the games created by Veikkaus, as well as the advanced technology and dependability of the game engine and platform,\u201d he stated.<\/p>\n<p>The End of Finnish Dominance<br \/>\nThe Finnish government currently intends to end Veikkaus&#8217;s gambling monopoly by 2026 as part of an effort to increase the country&#8217;s channelization rate, which is relatively low compared to other nations.<\/p>\n<p>Under the planned new system, private businesses will be able to apply for licenses to provide sports betting and online casinos.<\/p>\n<p>The government stated that the plan will involve separating Veikkaus into multiple independent companies within the same group. This would reverse the 2017 merger of the gambling brand Veikkaus, the slot machine business Raha-automaattiyhdistys, and the horse racing betting operator Fintoto. <\/p>\n<p>The administration intends to establish a nationwide framework enabling individuals to opt out of gambling activities. This framework will empower and resource organizations overseeing gambling, and introduce new regulations to curb money laundering and address concerns surrounding sports wagering.<\/p>\n<p>An April report issued by the government highlighted the need for reform in the existing system. The report proposed two potential solutions: implementing a licensing system or bolstering the government-operated gambling entity. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Finnish government-owned gambling monopoly, Veikkaus, has reaffirmed its backing for the implementation of a licensing framework for gambling activities. The company has reported consistent performance for the initial six months of the year. Veikkaus maintains that a licensing framework is the most effective approach to redirecting consumers from unauthorized to authorized operations. The company [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Veikkaus Supports Gambling Licensing Framework<\/title>\n<meta name=\"description\" content=\"Veikkaus, Finland\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"The End of Finnish Dominance\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Veikkaus, Finland\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Licensed Online Casino: Discover Thrilling Games &amp; Latest News\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T04:50:30+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"headline\":\"The End of Finnish Dominance\",\"datePublished\":\"2024-06-28T04:50:30+00:00\",\"dateModified\":\"2024-06-28T04:50:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\"},\"wordCount\":741,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/#organization\"},\"articleSection\":[\"Gambling\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\",\"url\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\",\"name\":\"Veikkaus Supports Gambling Licensing Framework\",\"isPartOf\":{\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/#website\"},\"datePublished\":\"2024-06-28T04:50:30+00:00\",\"dateModified\":\"2024-06-28T04:50:30+00:00\",\"description\":\"Veikkaus, Finland\",\"breadcrumb\":{\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/2024\/06\/28\/the-end-of-finnish-dominance\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/freecashbonusnodepositcasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The End of Finnish Dominance\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/freecashbonusnodepositcasino.icu\/#website\",\"url\":\"https:\/\/freecashbonusnodepositcasino.icu\/\",\"name\":\"Licensed Online Casino: Discover Thrilling Games &amp; Latest News\",\"description\":\"Discover the latest casino news, in-depth game reviews, and expert insights at our licensed online casino. 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