Finland breaks state monopoly: Makes room for other gambling companies
•
11 Nov 2024 •
Reading time: 2 minutes Finland is facing a major change: the country wants to open up the gambling market to competition in 2026. Until now, the state-owned company Veikkaus managed everything related to online gambling and sports betting, but that is coming to an end.
From 1 January 2026, other companies, as long as they have a license, will also be able to offer their gambling services. This not only means more choice for Finnish players, but also that there will finally be some more competition in the sector.
With this step, the Finnish government hopes that players will have better options, that the market will develop further and that Veikkaus will also get some challenges.
Major change in the Finnish gambling sector
Finland is saying goodbye to the monopoly of Veikkaus and wants to create an open playing field. This will really create a new dynamic: players will have more options and a more diverse market will emerge. The government expects that this will not only improve the player experience, but that the entire gambling sector will grow and innovate as a result.
“The Finnish gambling system will be open to competition under a licensing model no later than 1 January 2026,” the Finnish government said. That date has been set and Finland has also submitted the proposal to the European Commission to ensure that everything is in line with EU rules.
What will happen to horse racing?
The support for horse racing, which was previously also arranged by Veikkaus, will continue as normal. The Finnish Ministry of the Interior has announced that the state will continue to support horse racing even after the new legislation. The funds that go to breeding and the organisation of competitions will therefore continue.
The ministry clarified:
“The state budget will continue to support breeding programmes, specific advice for the horse sector and the development of the competition programme.”
When will parliament vote?
The final version of the new gambling law is expected to be submitted to the Finnish parliament in the spring of 2025. Originally, this opening of the gambling market was not expected until 2027, but it now seems to be happening faster. Kuismanen, who is involved in the project, says: “We expect the law to be approved by parliament around the summer of 2025.”
Finland looks ahead to a competitive future
With the abandonment of the state monopoly, Finland is preparing for a new era. The reform should not only ensure more competition, but also a more transparent market where all parties involved have clarity. For players, this simply means more choice, and for providers more challenges and opportunities.