Finnish Government to End State Monopoly on Gambling by 2026

Licensing for Sports Betting and Online Casinos

The Finnish government plans to end the state monopoly on gambling by the end of 2026. They will introduce a licensing system, opening up competition in sports betting and online casinos. Veikkaus will retain the monopoly on lottery games, while physical casinos and slot machines will also remain under its exclusive operation.

Timeline for Transition

The proposed gambling law will be presented to the Finnish Parliament in early 2025, allowing gambling operators to apply for licenses starting in 2025. The Veikkaus monopoly is set to expire by the end of 2026, with licensed gambling expected to commence in 2027.

Reason for Change

The Finnish government cites the failure of the current monopoly system, with an increasing number of players participating in unlicensed gambling activities. Concerns over gambling addiction and lack of effective regulation have prompted the need for a shift towards a more open and regulated market.

Establishment of Regulatory Authority

A new supervisory authority will be established to oversee the gambling market, ensuring compliance with laws and cracking down on illegal activities. The authority will have the power to revoke licenses, enforce sanctions, and prevent money laundering and terrorist financing. Measures such as network blocking and payment restrictions will be employed to curb illegal gambling operations.

Player Protection Measures

To enhance player protection, the Finnish government plans to implement identity verification requirements, set age limits, and establish a self-exclusion register. Marketing regulations will also be tightened to restrict certain promotional tactics and collaborations. The focus is on responsible advertising and sponsorship practices to safeguard vulnerable individuals.

Impact of Monopoly Repeal

The planned shift away from the gambling monopoly towards a regulated licensing system aims to improve player protection and promote responsible gambling practices in Finland. The introduction of a supervisory authority is seen as a crucial step in monitoring the market and addressing any issues effectively. By creating a more transparent and controlled environment, the government hopes to provide a safer gaming experience for Finnish players.