The Finnish Gambling industry could be set for a major shake-up as draft legislation for a new gambling act was submitted. The Ministry of the Interior has now announced a consultation period. This reform, if implemented, would mark a significant departure from the current state-controlled system, allowing private companies to apply for gambling licenses in the Nordic country.
Current System and Proposed Changes
While Finland has a huge gambling culture, the country’s current market is strictly regulated. The government-owned Veikkaus Oy is the only operator legally allowed to provide online casino and sports betting options for residents.
The new proposals would see Veikkaus Oy retain a monopoly over lotteries and physical slot and casino games but would see other verticals opened for business with external operators. This includes pools, totalisator betting, and online casino games.
All operators and developers would be required to meet specific guidelines, with an annual supervision fee being required.
The proposal would also see a new agency put in place to help regulate online gambling in the country. Currently, all gambling is supervised by the National Police Board. The new agency would be able to focus specifically on the industry, ensuring all standards are met and that operators are held accountable if they do not comply.
The exact details are still not 100% clear, but there would be strict rules for advertising and responsible gambling practises, with Finland likely to look at models used by neighbouring European countries.
Timeline
As always, these bills can take a long time to pass. The Finnish government's current consultation period ends on August 18th this year, which is not enough time to iron out the details and pass the bill.
The proposed changes will, hopefully, be submitted to the government during the 2025 spring session. If approved, these would then be implemented slowly over a period of a few years, with the legislation being fully implemented by 2028.
