The European gaming industry greeted the Finnish monopoly Veikkaus with warm arms in February, as it supported an open licensing scheme meant to counteract illicit market activities. But worries about a suggested cooling-off period surfaced, echoing the difficulties encountered by recent entrants into the Dutch market.
A law to create an open gambling license system was recently proposed by the Finnish government, with an initial release date of January 1, 2027. Veikkaus’s support for this system is in keeping with the reality of the nation, where the percentage of the online gaming industry has decreased to 40%. The Finnish government promised to alleviate problem gambling and raise low channelization rates by opening up the monopoly-based industry in June 2023.
A team led by the Ministry of Interior, guided by a political steering group of state secretaries, drafted the legislation. The bill proposes that Veikkaus’s exclusive and competitive activities be managed by two distinct companies under the group. This structure would facilitate any potential future sale of Finland’s stake, according to the Ministry of Interior.
Veikkaus seeks to maintain its monopoly over brick-and-mortar casinos, lotteries, physical slot machines, pool, and totalisator betting. Conversely, private licensed operators would be permitted to offer iGaming and sports betting. Only software suppliers would be eligible for business-to-business licenses.
The draft law, spanning 417 pages, includes Know Your Customer (KYC) provisions detailing player registration and identity verification processes. It also outlines restrictions on advertising by licensed operators, prohibiting commercial collaborations with social media influencers. The minimum gambling age is set at 18, and a centralized self-exclusion system will be established.
Marketing must be “moderate” in visibility, scope, repetitiveness, and volume, with outdoor advertising for “high-risk” games banned. The proposed Finnish Supervisory Agency, under the Ministry of Finance’s administrative branch, would oversee regulation, replacing the National Police Board’s current authority. This new agency would tackle illegal activities, impose administrative sanctions, conduct test purchases, revoke licenses, and enforce penalties.
The ministry aims to present the draft law to parliament in the spring session of 2025. If approved, the new system would roll out in stages. License applications would open at the start of 2026, allowing Veikkaus to retain its monopoly until the end of that year. Licensed operators could launch their offerings by early 2027, with business-to-business license applications beginning simultaneously. The supplier licensing framework would be implemented in 2028.
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