Finland's Gambling Shake-Up: Monopoly to End by 2026

Key Takeaways:

• Finland proposes legislation to end Veikkaus' online gambling monopoly by 2026
• New licensing system to allow international operators entry, starting 2027
• Strict advertising regulations and consumer protections to be implemented

Finland is poised for a major shift in its gambling landscape as the government introduces a bill to dismantle Veikkaus' long-standing online gambling monopoly. The proposed legislation, if passed, would open the Finnish market to international gambling companies under a new licensing system by the end of 2026.

The reforms aim to create a competitive domestic market that could potentially boost tax revenues and increase oversight of gambling-related harm. Under the new framework, private gambling operators would be able to apply for licenses in early 2026, with operations potentially beginning in 2027.

A newly established gambling regulatory authority would oversee the industry, ensuring compliance with Finnish law. The Finnish Competition and Consumer Authority reports that currently, half of the nation's gambling revenues end up with foreign operators. The new system is expected to encourage safer play and prevent money from flowing to offshore operators with minimal consumer protections.

While opening doors to foreign operators, the government has proposed stringent advertising regulations to mitigate potential gambling harm. These include banning social media influencers from promoting gambling, restricting outdoor advertising for online slots and casino games, and prohibiting gambling ads near schools. However, sports team sponsorships would still be allowed.

The bill must now go through Parliament, where it will face several months of debates. Institutions like the Institute for Health and Welfare (THL) argue that opening the market and increasing advertising may lead to higher levels of problem gambling.

Horse racing remains a contentious issue in the new legislation. Lawmakers previously suggested including horse race betting in the commercial gambling market, allowing international operators to have a stake in the sector.

As Finland prepares to enter a new era of gambling, the nation continues to grapple with balancing economic benefits and consumer protection. The transition to a liberalized market is set to begin next year with the creation of a new gambling authority, followed by the start of the licensing procedure.