Veikkaus Oy

Veikkaus’ Revenue may be directed elsewhere

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The Finnish Gambling Monopoly, Veikkaus, has recorded a drop in its revenue which ultimately caused a negative influence on Finland’s Sports, Science, Culture, Health and Social Welfare sectors. The Minister of Science and Culture thinks the income of Veikkaus should be distributed differently, thus proposing it to be transferred to the state budget

The changes could come in effect in 2024

Antti Kurvinen, Minister of Science and Culture stated that the Veikkaus’ income is declining and groups that benefit from its activity, including charities, sports teams, will ultimately see less revenue and due to this. According to Kurvinen, the changes in the distribution of Veikkaus’ revenue should be put into effect in 2024, a conclusion made after researching the ongoing issue with groups that benefit from gaming.

Erkki Liikanen, the former Bank of Finland Governor shares the same view on the situation, according to Kurvinen. Liikanen has proposed a reform that will direct gambling revenue to a general government fund which includes the beneficiaries to Finland’s budget framwork procedure.

Who will call the shots?

One problem with this reform is the fact that funding all of the Veikkaus beneficiaries would depend on the decisions made by politicians. Kurvinen does not deny the fact that the decision making by politicians would greatly increase, but also states that this is a lesser evil than the one that lies in the uncertainty cuts in funding.

Kurvinen concluded that even though it is still not too late, time is running out. He thinks a working group should be set up as quickly as possible to explore the idea.