Following the recent big announcement by the Finnish government to restructure its gambling system, many gaming enthusiasts are curious to know what the Finnish gambling landscape may look like in years to come. Will Veikkaus, the state-owned gambling monopoly, loosen its dominance and control and allow more operators to join the market? How will these new reforms affect punters?

In this article, our team of Finnish gambling experts answered these questions and delved into the current state of gambling in the country. We also gaze into the crystal ball to share our view of what we believe the gambling landscape may look like in 2024 and beyond. 

The current state of gambling in Finland 

Unlike its peers in the European Union, the Finnish government adopts a unique approach to gambling regulations. The state operates a monopoly system that emphasizes responsible gambling and revenue generation. 

Below, we take a look at the main aspects of the current regulatory framework.

• Gambling Licensing

Veikkaus, the state-owned gambling operator, is the sole provider of most gambling services in the country. The entity also holds the exclusive right to issue licenses to operators interested in offering online or land-based gambling services to Finnish punters. 

To get a gambling license, operators must prove their strong commitment to responsible gambling and show their ability to offer quality gaming services. Gambling regulations are very strict, and Veikkaus monitors operators regularly to ensure compliance. Non-compliance by operators often results in hefty fines or license withdrawals.

• Taxation

As mentioned earlier, revenue generation is one of the main focuses of the country’s gambling monopoly system. The government charges taxes on gambling winnings that exceed a specified amount. Likewise, the profits of all gambling operators in the country, including casino without registration and Veikkaus, are subject to taxes. 

This way, a considerable amount of money flows from the gambling market into the national coffers. The state uses this revenue to fund social welfare and cultural projects such as education, youth services, sports, arts, and more. 

• Offshore Gambling Operators

Despite the government’s monopoly, a significant number of Finnish gamblers wager and play their favourite games at foreign online betting sites and casinos. Although these foreign sites offer punters more gaming options, they come with some challenges and risks as the Finnish Authorities do not regulate them. 

In other words, Finnish players have less protection even while playing at legitimate offshore online gambling sites. Regarding tax, offshore operators don’t pay taxes to the Finnish government. Also, it’s the sole responsibility of players to declare their gambling winnings and pay taxes on them. 

• Responsible Gambling

Ensuring responsible gambling is the core objective of Finland’s gambling monopoly system. The state has several programs and tools to monitor its citizen’s gambling behaviour and keep it in check. Some of these programs include:

1. Awareness campaigns to let the public, especially regular punters, know the potential risks of gambling
2. Development of self-exclusion tools to allow gamblers or those with gambling problems to exclude themselves from online and offline gambling activities for a set period. 
3. Counselling activities for those who need help to overcome their gambling addiction
4. Limiting tools to allow gamblers to set their daily, weekly, or monthly deposits.

• The compulsory stop-loss 

Introduced during the COVID pandemic, Veikkaus made the compulsory stop-loss limit permanent for all Finnish gamblers. The announcement limits players’ daily gambling spending to €500 daily and €2,000 monthly. 

On top of this, Veikkaus now allows players to set their stop-loss limits on their slot machines. This means players will no longer be able to gamble once they hit their daily, weekly, or monthly loss limits.
According to Veikkaus, these recent regulations impacted their operations both positively and negatively. Although they reported that problem gambling has reduced to an all-time low, Veikkaus also acknowledged that their revenue has dropped significantly.

What to expect in 2024 and beyond

Following the drop in Veikkaus’ revenue and concerns about losing a big share of the gambling market to offshore operators, the Finish government announced that it is looking at reforming the country’s gaming system. Two main changes players can expect in the near future include: 

• A gradaul end to Veikkaus’ monopoly 

The state announced in April that it is working on a proposal to end Veikkaus’ monopoly by introducing a gambling licensing model that will allow private gaming operators to compete in the Finnish market. The state admitted that more and more players are gambling outside its controlled monopoly, and there is an urgent need to prevent the gambling-related problems that may follow. 

According to available reports, the government is considering two options: strengthening its current state-controlled monopoly or switching to the licensing model. However, it seems that the odds are in favour of the licensing model. So, gaming enthusiasts can expect Finland to roll out a new licensing system, responsible gambling tools, and a new gambling tax policy in the coming years. 

• Mandatory player verification 

Like the recently implemented player identification requirement for Coupon games, Veikkaus is set to introduce a similar rule for scratch card games. In other words, players interested in Ässä and Casino lottery must verify their identity before they can claim their winnings. 

As with the current Coupon game identification procedure, more players will have to complete a similar process using their driver’s license, Veikkaus card, mobile card, or other personal identification card. Veikkaus noted that many of their Coupon game customers have completed the verification process, so they expect to record the same success with their Ässä and Casino lottery customer base.  

Bottom Line

Our experts believe the Finnish gambling landscape will evolve responsibly and positively in line with international standards in 2024 and beyond. We expect Veikkaus to lose its monopoly, giving room for more private operators. Finnish gaming enthusiasts will have more gambling options and better gaming experience in the coming days. 

We are already seeing these benefits with the recent partnership of Pragmatic Play with Veikkaus. Unlike before, Finnish players can now enjoy some selection of Pragmatic Play’s games, including Gates of Olympus and Sugar Rush.