Finland’s passion for gambling is evident in the growing number of natives engaging in it, but unfortunately, it is run under a strict monopoly. With only one brand holding a local license and an upcoming ban on funds transfer towards offshore gambling sites, players started looking for alternatives.
Luckily for them, crypto gambling sites hold significant benefits, such as limitless and anonymous transactions, more games, better promotions and, most importantly, accepting players from Finland. Let’s dive into the current situation and see the top crypto-friendly brands you can find, along with all the key details.
Finland is quickly becoming one of the most important markets for offshore crypto gambling sites. With several new brands launching every month and new crypto bonuses flooding the scene, finding the best website can be quite challenging for new gamblers. Our experienced team on CryptoGambling.TV has done the hard work for you and filtered the best sites with valuable crypto casino & sportsbook bonuses available for local residents.
What to know about crypto gambling sites in Finland
If you're interested to learn more about the legal status of gambling in Finland and the local crypto gambling regulation, stay tuned. Finns have been enjoying playing for real money at land-based casinos and betting shops since the 1990s, although most players now go online.
The local iGaming market is a state controlled monopoly. The only company offering licensed gaming services is Veikkaus, but only for Finnish residents. However, local players that opt for offshore operators are not actively prosecuted, meaning that they have the freedom to register on several crypto gambling sites.
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Furthermore, there are various types of crypto brands that are active in Finland. Some of them only accept cryptocurrencies, while others allow both crypto and FIAT currency payments. So, the first step towards successful crypto gambling is to find a casino or bookmaker with a cashier section that satisfies your banking requirements.
Finnish crypto gambling facts
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Only one state-run company can offer gambling services to locals, but Finns may also opt for many offshore gambling sites.
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Before choosing a gambling site, you should take a good look at its terms & conditions, especially about withdrawal processing times and bonus requirements.
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Choose wisely which cryptocurrency to use; some of them have longer processing times and require higher network fees.
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Customer support channels & availability, as well as a website’s smooth navigation are almost equally important; do not ignore them.
Best crypto casinos in Finland
Cryptocurrencies as a gambling banking tool are becoming more popular all over the world, Finland included. One main advantage that crypto-savvy gamblers enjoy, are lightning fast withdrawals; meaning you avoid waiting for days before your winnings are processed. Some crypto casinos take it even further and execute withdrawals below a certain amount automatically. Check out our recommendations below and get your hands on thousands of slots, anonymous payments and speedy payouts.
Finns enjoy betting on their favorite sports. They place bets using every available payment method, including debit cards, crypto and e-wallets. Crypto sports betting sites in specific, usually offer high odds and overall better bonuses due to the low cost of handling crypto payments. Feel free to try out our approved bookmakers.
You can find plenty of available sports betting options in Bitcoin bookmakers. Just make sure that their sportsbooks offer enough winter sports markets such as ice hockey, skiing, ski jumping and biathlon, as many locals enjoy them but many bookies do not offer abundant options.
A betting site should offer a wide range of sports events; live betting and a quick bet function are also important.
Check the odds. They usually differ from one bookmaker to another. Especially among primary and secondary markets, there can be huge variations.
A great bookmaker offers lightning-fast withdrawal processing times. Check them out in the terms & conditions before you sign up with a bookie offering crypto sports betting in Finland.
How to deposit on crypto gambling sites in Finland
If you feel ready to roll with cryptocurrencies, the first step is to create an account at one of the popular online crypto exchanges, such as Binance or Kraken. Then, you have to send funds to it via one of the available options, usually bank transfers. After that, buy some cryptos and send them to your private wallet before moving any funds towards the betting site or casino of your choice. Once you are ready to withdraw your winnings, simply follow the same steps, only in reverse.
Step-By-Step Process
Step-By-Step Process
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Start an account at a crypto exchange. Fund it via debit card, bank transfer or any other local option. Acquire the cryptocurrency that you are going to use as a gambling bankroll.
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If you are not in a hurry, limit orders hold fewer fees than market orders. Sometimes, it is better to acquire the proprietary coin of the exchange first, as trading pairs with them cost less.
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Transfer the cryptocurrency amount to your private wallet. Never make direct transactions between crypto exchanges & crypto gambling sites. Crypto exchanges may freeze such accounts
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Head over to the gambling site’s cashier section. Click on the relevant crypto method. The wallet’s address will appear. Copy the address and paste it into your wallet’s send function. QR code scans are commonly available too.
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If a brand does not support crypto-only wallets, watch out for the exchange rate. Any spread above 1% of the current market rate is too much.
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After a few seconds or minutes, your deposit will settle. This depends on the cryptocurrency and the number of block confirmations required by the operator.
If you scored a big slot payline or won a high-stakes bet slip, you will surely want to withdraw at least some of your winnings. Simply head to the cashier section and enter your wallet address in the respective cryptocurrency section. Keep in mind that there's nothing worse than getting a big win and then having to worry about applying taxes. Don’t worry though, as we'll walk you through everything you need to know about the matter.
While the country is commonly correlated high taxation rates, amazingly enough, gambling in Finland is actually tax-free. When it comes to gambling winnings, the full amount of what you earn is yours to keep. On the other hand, Bitcoin and other cryptocurrencies are treated differently under local fiscal laws.
When paying with cryptocurrencies for products or services, you need to report any transaction in your tax return as if it were a sale of securities. Also, if you have exchanged cryptocurrencies or if you have traded proper currencies (e.g., EUR or USD) for a crypto one, you also have to declare it as a capital gains tax applies to it. Which in such a case is around a rather high 30-34%. However, offshore crypto gambling sites offer high privacy and you may avoid taxes until you could sell your cryptos for a FIAT currency such as euros.
Stay under the radar
One major perk of crypto gambling is anonymity. No one will know you are gambling unless you tell them. Privacy is often a big issue with online casinos, especially since they need to verify your identity before cashing out. But with Finnish crypto casinos and anonymous cryptos - your privacy is in good hands. Most crypto-friendly brands apply relaxed KYC standards. And by going through decentralized platforms for your trading, you can use cryptocurrencies to gamble without leaving any paper trails that authorities could use to track you down.
How Nordic Countries Treat Crypto Gambling
Nordic companies have played a key role in the development of online gambling. But instead of enjoying relaxed regulations, they face severe restrictions. This is why many Swedes for example will search for a crypto casino without Swedish license. The same goes for Norwegian crypto casinos. Players who gamble on such sites leverage the anonymity of cryptocurrencies and gain access to more games, betting options and bonuses than locally available.
*Keep in mind that this is meant to be a general overview of the current fiscal situation. As we are not financial advisors, contact a tax professional for your financial inquiries; errors may lead to significant losses & potential fines.
Why you should go for Finnish crypto gambling sites
Why you should go for Finnish crypto gambling sites
The current iGaming market in Finland is currently pretty straightforward. However, looming restrictions on payments to & from offshore gambling sites could soon change the landscape dramatically. Cryptocurrencies, through their innate privacy characteristics, will probably be the optimal way for local players to access international casinos and sportsbooks. We believe that, as in most of the world, crypto gambling sites are the way to go in order to enjoy online gambling to its full potential.
FAQs
Gambling winnings are tax-free when players use either fiat or crypto currencies. That means you don't need to pay anything. However, this just counts for winnings on gambling sites and doesn't include all relevant crypto taxation.
Crypto trades are counted as capital gains, and Finland applies a high tax of up to 34% on such transactions. In any case, consider contacting a financial advisor to avoid facing a potential tax shock.
Sadly, there is no official Finnish crypto gambling site. In order to bet with cryptocurrencies you need to take advantage of the offshore Bitcoin gambling sites, licensed for example in Malta or Curacao. Which is not bad at all since there are many gambling sites in these countries with a high reputation.
Not yet, unfortunately, but it might be changing in the future. As it stands, there are no casinos offering cryptocurrencies as a payment method. Players of Finland need to register at offshore crypto casinos.