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A new Gambling Act has been approved in Finland, meaning its gambling market will officially open to competition, although only partially.
This major reform in the Nordic country will see the national gaming company’s (Veikkaus) exclusive right to offer gambling services to end for betting games, as well as online slot machine and casino games, in the summer of 2027.
Veikkaus will, however, keep its exclusive right to lottery games, scratch cards, and physical slot machines and casino games. The company is 100% owned by the Finnish state.
This also means that gambling companies can apply for licenses as of 1 March 2026, with licensed gambling operations in the new license-based market to begin from 1 July 2027.
Finland’s gambling industry becomes licensed-based market
Veikkaus will be amongst those that apply for a license as it will have to do so for its exclusive operations and may also apply for licenses to provide gambling services.
“The model we have been awaiting will improve the possibilities to channel gaming into legal offerings. Veikkaus has not, for a long time, had a genuine monopoly on gambling in Finland. According to various estimates, as much as 600–900 million euros is played annually outside the official system,” says Veikkaus’ Deputy CEO Velipekka Nummikoski.
The aim of the reform in Finland is to prevent and reduce gambling-related harm by directing gambling more effectively to regulated services. Any foreign competitors will be brought under the same rules and conditions at Veikkaus.
“It is important that the license-based market is sufficiently attractive for companies to apply for a license. At the same time, it is essential to ensure that offshore offerings are tackled effectively. If unlicensed gambling cannot be effectively prevented, there is a risk that achieving the channelling objective and reducing gambling-related harm will become more difficult,” Nummikoski says.
The supervision of gambling activities in Finland will also now be transferred from the National Police Board to a new Licensing and Supervisory Authority.
Featured Image: AI-generated via Ideogram
