No Payments Blocked in Online Casinos in Finland Despite New Law
In 2023, the Finnish government implemented a law empowering banks to block payment transactions related to illegal online casinos. Surprisingly, no payments were restricted following the introduction of this measure. The police initially listed two illegal gambling companies in the first four months, but by May, they disappeared entirely.
The Finnish Chamber of Finance has urged the government and banks to allocate resources to more impactful activities, contending that "blocking payment transactions does not work." Despite a Ministry of Internal Affairs study revealing that nearly half of all gambling sites are illegal, no payment restrictions have been enforced.
Currently, the national betting agency, Veikkais, holds a monopoly on online gambling in Finland. Authorities have affirmed that this regulatory status will remain in place at least until 2026.
5 February 2024, 14:30
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