Finland's Gambling Shake-Up

Finland is shaking up its gambling scene. The government has sent a bill to Parliament. It aims to end the long-standing monopoly held by Veikkaus, the state-owned gambling operator. This move could open the door for private companies to join the online gambling market by 2027. The proposed changes are significant. They include a new licensing system for online gambling. This system would allow private operators to enter the Finnish market. However, Veikkaus would still have control over lotteries, scratch cards, land-based slot machines, and physical casinos. The bill was presented on March 20, 2025. It outlines a dual system. This system partially dismantles the existing monopoly. Under this new framework, Veikkaus would keep its exclusive rights to certain gambling sectors. Meanwhile, online sports betting and digital casino games would be open to competition. The reform is about more than just money. It aims to address the 50% of gambling activity that currently leaks to offshore operators. This leakage represents lost tax revenue and diminished player protections. By bringing more gambling activity under Finnish regulation, the government hopes to better protect consumers and increase tax revenue. A new regulatory authority is also in the works. This agency would oversee the transformed gambling market. It would process license applications, enforce regulations, and conduct audits. The goal is to create a sophisticated oversight mechanism tailored to gambling activities. The legislation emphasizes responsible gambling. It includes mandatory requirements for all licensed operators. These requirements include age verification, a unified self-exclusion system, real-time loss tracking, and personal financial limit-setting options. These measures are among the most comprehensive in Europe. The bill also introduces strict advertising restrictions. It bans influencer marketing for gambling products and outdoor advertising for high-risk games. It also limits gambling advertisements near schools and youth facilities. Despite these restrictions, sports sponsorships will remain permitted. The reform has economic implications as well. The new system is expected to generate revenue through corporate taxation, licensing fees, and dividends from Veikkaus’s remaining monopoly sectors. The government estimates that the reformed market could increase total gambling tax revenue by 15-20%. The bill will now go through parliamentary review. This process includes examination by various committees. While some modifications are expected, there appears to be broad political consensus on the need for reform. The legislative timeline includes committee reviews, possible amendments, and a final parliamentary vote by November 2025. The market is set to open on January 1, 2027. This reform represents a significant overhaul of Finland’s gambling framework. By dismantling Veikkaus’s monopoly on online betting and casino games, Finland aims to create a balanced system. This system would enhance consumer protection, increase tax revenue, and align with EU market practices. The future of Finland’s gambling market is uncertain. However, one thing is clear: the country is taking steps to build a sustainable regulatory system that works for Finnish society in the 21st century.

Finland's Gambling Shake-Up

Continue Reading...

Actions