The Finnish Gambling Giant Negates €11B Turnover Reports

The state-owned Veikkaus, the Finnish monopoly in the gambling industry dismissed the reports from media that stated some players were wagering €11 billion in Finland over the gambling props of the casino operator.

These reports invited a lot of attention towards Veikkaus due to its undergoing scrutiny over leniency in executing regulations to eliminate gambling obsession within the youngsters. Although, the operator spoke that media is misrepresenting the original sales figures.

Regina Sippel, the Chief Financial Officer of Veikkaus, spoke that the media’s numbers also constituted the rewards of the participants that were wagered again without withdrawing them at the beginning.

The company spoke in an interview that the 2018 turnover was around €840.3 million that is clearly far less than €11 billion, according to the recent media reports.

The high spending of the operators on machines portrayed its inefficiency in handling the gambling business effectively, drawing criticism towards it’s functioning.

The firm previously was compelled to clear out the distinction between a company’s revenue and its turnover while requests swarm to curtail its slots working. This Monday, Finland’s Minister of Local Government, as well as the Ownership of Sirpa Paatero, confronted the local distributor YLE in defending the state-controlled Veikkaus from detractors who expect the administration to steer clear of the corporations in gambling.

After a couple of days, the conversation over traditional as well as social media clamored loud, forcing the CFO of Veikkaus, Regina Sippel, to publish a statement publically. Sippel spoke that the conversation chatter disclosed that “how important and emotionally exciting gambling is for citizens but that it was equally important to clarify a few things.”

Sippel spoke that even though a €200 turnover could have been estimated over time that consumer played, so if a player lost just €10 during the session, that is the only amount he deposited during the game time.

Also, in a recent report on the company’s finance, Veikkaus posted a 6% reduction in turnover of the initial 6 months of the year, 2019. The company in gambling monopoly also apprised a decrease in turnover across a number of the games it has. The company garnered a €1,496.4 million turnover in the first half. The lottery games turnover took a 6% plunge year-on-year, reducing down to €630.2 million.

As the critics do their bit, Veikkaus confirmed the company’s plan to diminish the number of slot machines in the upcoming few years.

The chief executive officer, Olli Sarekoski, spoke that the company’s future was an object of extreme public criticism.

“Many people are wondering how the altered atmosphere will affect the conditions of the company’s future operations and the Finnish gaming system,” he said.

Unfortunately, gaming always involves problems that cannot be done away with in any system. We take all the detriments associated with gaming extremely seriously. Responsibility and reliable games are the foundation of our operations. We monitor the development of gaming-related harms regularly, and we work hard to fight problem gambling.

John Scott

John Scott joined the Times of Casino’s team as a news writer. He previously worked with foremost publications as an intern. He holds bachelor of journalism degree and more than three years of experience of writing. In his free time, he enjoys travelling different places.

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