Finland Propels Forward with Plans to Regulate its Gambling Market

In a pivotal move, the Finnish government is steering towards the introduction of a comprehensive, regulated gambling environment by 2026, setting the stage to dissolve the prevailing monopoly framework.

Presently, Veikkaus, a state-owned entity, stands as the solitary operator overseeing regulated gambling in the country. The upcoming transition, however, seeks to usher in a licensing protocol tailored for private operators. To this end, the Ministry of the Interior has established a dedicated political steering committee, complemented by an intersectoral team, encompassing pivotal ministries and authoritative bodies.

With a focus on legislative robustness, the ministry is poised to devise legislative blueprints, touching upon pivotal areas like permitted gambling avenues, license fees, taxation mechanics, and frameworks promoting responsible gambling. A pivotal segment of this reform will be crafting guidelines surrounding gambling advertisements. The Ministry’s vision is to lay out its legislative proposal before the parliament by the spring of 2025.

Central to the reform is the vision to curtail gambling-induced harm while elevating the channeling rate towards regulated gambling avenues. “The upcoming system will enhance oversight of the industry, factoring in the societal implications, particularly the ramifications associated with gambling harm,” commented a spokesperson.

In light of these impending shifts, Veikkaus is bracing for transformation. The organization anticipates the closure of several gambling outlets and foresees around 240 job reductions. There’s a strategic vision to fractionate Veikkaus into distinct entities under a consolidated group, undoing the 2017 amalgamation that saw Veikkaus sports betting unit merge with slot operator Raha-automaattiyhdistys and horse racing firm Fintoto.