This was followed by the birth of lotteries in the early 20th century, offering the public small-scale betting opportunities. By Mikko LehtoUniversity of Helsinki researcher, “Finland’s first state lottery was organized in 1940, with the purpose of raising funds for war efforts.”
Over the years, the Finnish government has adopted a proactive approach to the regulation and supervision of sports betting in the country. Established by the board in 1966 Finnish ATM Association (RAY) to manage and control all forms of gambling in the country, including sports betting. According to Lehto, “RAY was established to regulate gambling and to ensure that profits from gambling are used for charity.”
In the early 1990s, the Finnish government established the National Lottery Value, which became the country’s only betting organizer. Today, it is one of the largest betting operators in Europe with revenues of over 1.5 billion euros in 2020.
The growth of sports betting in Finland has been driven by several factors, such as the growing popularity of sports in the country, the availability of online betting platforms and the rise of mobile devices. According to a report by the Ministry of Education and Culture, “the popularity of sports betting has grown significantly in recent years, and more than half of the adult population will participate in some kind of sports betting in 2020”.
Although betting is legal and regulated in Finland, it has not been without controversy. In recent years, there has been concern about the social and economic effects of gambling, including problem gambling, debt and financial harm. According to the report Department of Health and Welfare“Gambling is associated with a number of negative health and social consequences, including depression, anxiety and relationship problems.”
In order to respond to these concerns, the Finnish government has introduced measures to promote responsible gambling and reduce the risks associated with sports betting. These measures include mandatory player identification, self-exclusion programs and responsible gambling campaigns. According to the Ministry of Education and Culture, “the aim of these measures is to ensure that betting remains a safe and enjoyable pastime for all participants.”
In conclusion, betting has a long and rich history in Finland, stretching back to the 19th century. Today, it is a popular and growing industry, with millions of people taking part in sports betting every year. Although there have been concerns about the social and economic effects of gambling, the Finnish government has adopted a proactive approach to the regulation and supervision of sports betting and has introduced various measures to promote responsible gambling and reduce the risks associated with the activity. Mikko Lehto states that “sports betting is a complex and versatile activity, and it is important that we continue to study and understand its effects on individuals and society as a whole.”
HT
Source: The Nordic Page