Finland is an interesting market, as Finns are among the most active gamblers in the world. Despite the monopoly system, Finland has been an important market for many operators for several years as Finns are allowed to play at online casinos.
The reform of the gambling system and the transition to an open licensing system have been planned in Finland for 2026, but the transition is likely to be delayed by at least a year. When the transition occurs, a significant number of new online casinos will become available for Finnish players.
For now, Finland is focusing on blocking deposits to foreign online casinos to direct euros to the national operator, Veikkaus.
How the Finnish gambling monopoly works
In Finland, gambling has a long history, and the state-owned Veikkaus has its roots dating back to the 1940s. Over the decades, Veikkaus has managed all gambling activities in Finland, ranging from casino games to lotteries and sports betting.
Veikkaus operates under the Ministry of Education and Culture in Finland, and its mission has been to ensure that gambling activities are responsible and safe. The profits generated by Veikkaus have been directly channeled into public services, such as funding for sports, science, arts, and youth work.
Veikkaus holds a monopoly position in Finland, meaning that gambling operations have not been allowed by other operators. Until now, it has not been possible to apply for a Finnish gambling license, and no gambling activities have been permitted within Finnish borders by other operators.
Despite Veikkaus’ monopoly, Finns have been allowed to play on international online casinos. In recent years, Veikkaus has lost a significant amount of money as more Finns have turned to international gambling sites, which has partly led to discussions about dismantling the current system.
Transition to an open licensing system
Various options have been considered in Finland to keep gambling money within the country’s borders.
Initially, the aim was to strengthen Veikkaus’ position and try to prevent Finns from playing on foreign online casinos. To support this, measures such as blocking deposits were introduced, restricting Finnish deposits to foreign casinos.
Subsequently, it was determined that a better option would be to simply abandon the current monopoly system and open the market to foreign operators as well.
The new licensing system aims to generate revenue for the state by collecting taxes from gambling companies. Additionally, funds will be collected through license fees and possibly a share of the gambling companies’ profits.
Only some forms of gambling will transition to the new licensing system. Physical slot machines, Casino Helsinki, scratch cards, and the lottery will still remain under Veikkaus’ control.
New regulatory changes and their impact
When the Finnish gambling market opens to operators, its regulation will undoubtedly be strict. The general concern in the industry at the moment is that regulation in Finland will become excessively tight.
It is certain that casino operators applying for a Finnish license will need to make significant investments in responsible gambling. Current responsible gambling tools offered by online casinos are likely insufficient to meet Finland’s high standards.
Responsibility also includes stringent restrictions on marketing in Finland. It is highly likely that casino companies will not be allowed to freely advertise casino games or sports betting, but will face strict advertising limitations.
There has been discussion, for example, about whether gambling can be advertised at sporting events that include minors.
Tax practices and license fees will also undoubtedly be strict in Finland’s licensing system. As a result, it is likely that many smaller operators will not have the financial capability to even apply for a Finnish license.
The increasing influence of foreign operators
The opening of the Finnish gambling market means changes in other areas as well, not just in casino games and sports betting. The legal presence of foreign betting companies brings significant benefits to many.
One of the biggest beneficiaries of the opening gambling market will be sports teams and individual athletes. Until now, it has not been allowed in Finland to receive sponsorship from any gambling companies other than Veikkaus, but now the situation is changing.
The Finnish sports scene can receive significant financial investments from foreign gambling companies. On the other hand, many small teams are likely to lose the support they have previously received from Veikkaus.
As the gambling market opens, international operators will also be more present in related discussions and decision-making. So far, gambling companies have commented cautiously on the situation in Finland, but in the future, they will undoubtedly participate more actively in the decision-making process.
The future of gambling in Finland
Finnish gambling legislation is currently undergoing significant changes. As the open licensing system is implemented, regulation is expected to become even stricter. This means that gambling companies will have to adhere to higher standards regarding responsible gambling, consumer protection, and advertising.
However, the Finnish market is already so valuable to many international gambling companies that they are willing to make substantial investments to enter it. It is likely that all major industry operators will apply for a Finnish license.
The future of gambling in Finland looks bright in the sense that Finns remain active gamblers. This is naturally a good thing for gambling companies, but it also creates pressure to succeed in implementing responsible gambling practices.
From the players’ perspective, it is beneficial that other industry players will enter the market alongside Veikkaus. Competition is always good for the quality of service in any industry.