Loss Limits Help Slash Problem Gambling Rate, Says Veikkaus

Veikkaus, the Finish gambling operator revealed that the number of problem gamblers has decreased significantly. While the number of physical slot machines was reduced, fewer gamblers showed interest in slots. On the other hand, more online gamblers have set gambling loss limits, thus reducing their losses.

Problem Gambling Rate Plummets

In an effort to reduce gambling losses and the number of problem gamblers, Finish gambling operator Veikkaus introduced loss limits for its fast-paced games such as slots. Initially, the limits were temporary, but this summer, the Finnish government passed a decree approving them. As a result, the gambling monopoly approved the loss limits making them permanent. In September this year, those gambling loss limits became valid for brick and mortar machines as well.

Currently, only 0.8 percent of the adult population finds gambling problematic,”

said Veikkaus

Now, Veikkaus revealed on Tuesday that the problem gambling rate has plummeted. In a statement, the gambling monopoly revealed that only 0.8% of the adult population is experiencing problem gambling. In contrast, last year, the rate of problem gambling was 1.6%. Additionally, Veikkaus said that the current rate is the lowest problem gambling rate recorded since the start of monitoring back in 1995.

Number of Physical Slot Machines Drops

Veikkaus acknowledged that the number of physical slot machines has dropped, as well as the number of consumers playing monthly. The gambling monopoly revealed that while a few years ago there were 300,000 active slot players, currently, that number has decreased by 50,000 players.

The number of customers playing slot machines every month has dropped,”

reads a statement released by Veikkaus

One major factor that helped reduce the number of slot players is the reduction of the number of slot machines. While in 2019, there were 18,500 slot machines, now, Veikkaus said that there are less than 10,000 slot machines. Additionally, the mandatory identification and loss limits have also helped reduce the number of slot players.

More Users Set Spending Limits, Reduce Losses

The mandatory loss limits have also helped many online gamblers reduce their losses. Currently, online gamblers are required to set both monthly and daily loss limits. In fact, Veikkaus revealed that some 100,000 consumers have cut losses in September and October thanks to setting loss limits. This undoubtedly proves that the method is working and helping reduce problem gambling and gambling losses.

According to Lauri Halkola, Veikkaus’ director of data and analytics, 60% more consumers in September-October have hit their self-imposed limits when compared to a month earlier. Additionally, he outlined that more than 80% of those cases were related to a self-imposed limit of less than $226 (€200).