The government initially set out plans to end Veikkaus’ current monopoly by 2026, and it plans to meet that deadline. However the market will not launch until 2027, with operators able to apply for licences early next year.

This will be facilitated by a bill currently being compiled by the Ministry, which it plans to present during the Finnish parliament’s Spring session in 2025. Suppliers will then be able to apply for software provider licenses from early 2027.

Licensees to be blocked from offering games from suppliers not certified by a new regulatory authority from 2028.

The ministry said the aim for the bill and subsequent legislation was to “prevent and reduce gambling disadvantages and to improve the channeling of demand into the legally regulated gambling system”.  

Both operator and supplier licensees will be required to pay annual supervision fees to the supervisory authority, though it’s currently unclear if a tax rate is set out just yet.

Timeline for implementation

The government set out a clear three year timeline to implement the full market, with supplier licenses expected in 2027, once online operators are already live in the country.

18 August 2024 – A government run consultation process has been launched, seeking feedback from the wider sector. The period will close in August and will include state secretaries.

Q1 2025 – The aim is to submit the government proposal for the draft bill to parliament in the spring session of 2025, this typically takes place in February.

Q1 2026 – Operators will be able to apply for a licence as of early 2026, according to the proposal.

Q4 2026 – Veikkaus, the current online and retail monopoly provider in Finland will end its online gambling monopoly by the end of 2026, and the company will be split into entities running a monopoly for lottery and land-based gaming, and one competing in the online market.

2027 – In early 2027, suppliers will be able to apply for software licences to provide online games in the market.

The provision of licensed gambling activities may start in early 2027.

2028 – As of 2028 operators will only be able to offer games from locally licensed software providers.

New regulator to oversee liberalisation process

As part of the process, a new gambling regulator will be established under the Ministry of Finance’s remit. At present, gambling is overseen by the National Police Board.

“The [Licensing and Control Agency] could intervene in illegal activities by imposing administrative sanctions,” the Ministry of the Interior explained.  

As part of the law, the regulator will seek to restrict black market offerings by blocking online and payment traffic. 

“In this way, the demand could be directed to licensed gaming activities and gambling disadvantages could be better combated,” the statement added.  

The agency will also seek to put in place a centralised self-exclusion register for players to exclude themselves from all offerings in the market.  

It will oversee restrictions around marketing and advertising. According to the government’s statement “the amount, scope, visibility and frequency of marketing should be moderate and necessary to direct gambling demand to licensed gambling activities.”

The government’s statement, once translated, suggested advertising of foreign unlicensed external advertising will be prohibited.

““Foreign marketing of gambling games with a high risk of harm would be prohibited. Marketing should not be aimed at minors or persons in an otherwise vulnerable position,” the statement said.

Could (parts of) Veikkaus be up for sale?

The long-awaited bill details the end of Finland’s online betting and gaming monopoly Veikkaus as the company will be split into various business arms, similar to Sweden’s former monopoly operator Svenska Spel. This may even see certain elements sold off, the Ministry suggested.

“With the proposed legislation, the state owner would be enabled to have more room for maneuver in the future ownership decisions of Veikkaus. The state would have the opportunity to give up part of its ownership in Veikkaus, if this was considered justified in the future from the perspective of the development of the state’s shareholder value,” it said.  

However, Veikkaus will maintain exclusivity over lottery, toto games (lottery-based sports betting), land-based slot machines and scratch cards and will be required to pay an annual fee for exclusivity rights.  

Working group and industry consultation

The government has established a working group for the process and is requesting feedback from the industry and government departments its proposals, including taxation, licensing procedures, marketing and Veikkaus’ position in the market. The window for comments closes on 18 August.