The gambling monopoly in Finland will end in 2026. The state-owned company Veikkaus will lose its exclusive position. From then on, other companies will also be allowed to apply for a licence to offer online gambling.
With this step, Finland joins other EU countries that previously switched to an open licensing system. The aim is clear: more control, more revenue and better protection for players.
Millions of euros disappear outside supervision
In 2021, estimates suggested that between €520 million and €590 million flowed away to foreign gambling sites. That accounted for 41 per cent of the Finnish online gambling market even then.
‘As long as Veikkaus‘ revenues were high enough for the state, nobody wanted to get into the system,’ says Heikki Koivula, head of compliance at Legal Gaming Attorneys at Law.
But when Veikkaus’ market share dropped, attitudes changed. The government could no longer ignore the loss of tax revenue and supervision.
Veikkaus supports winding down its own power
The pressure did not only come from outside. Veikkaus himself also indicated that it was time for change. In 2022, CEO Olli Sarekoski openly advocated lifting the monopoly.
‘The political obstacles were money and interests,’ says Koivula. ‘Only when the market started to slip away did reform become a viable option.’
In March 2025, the government laid a bill before parliament. The new law allows private providers into the online market. Veikkaus retains control over physical gaming machines and lotteries.
Start date for licence applications in 2026
The process will be introduced incrementally. In 2026, companies can submit their licence applications. In 2027, the first legal online operators will be allowed to go live. From 2028, only certified B2B providers will be allowed to operate in the market.
The tax on online gambling revenue will be 22 per cent. A new regulator under the Ministry of Finance will manage licences and monitor compliance.
European figures give direction
The European Gaming and Betting Association (EGBA) published figures highlighting the importance of regulation in 2025. EGBA members together generated €13.5 billion in online revenue in 2024. They processed 177 billion bets and sent 67 million safe gaming messages to customers.
Koivula points out that Finland can learn a lot from this: ‘We want to avoid mistakes that other countries made before, such as the overkill of gambling advertisements in Sweden. But ironically, we seem to be heading in that direction anyway.’
Problems with addiction on the rise
Research shows that 28 per cent of people with payment problems gambled with borrowed money. Gambling was the third reason for debt, after emergency home repairs and basic needs.
New rules should address this problem. Licensed providers will be given a duty of care. They must recognise players with risky behaviour and intervene.
‘The Ministry of Home Affairs is now working on the details,’ says Koivula. ‘They are going to determine how risky behaviour will be identified, possibly with AI or other technological tools.’
Affiliate marketing to be banned
One of the most discussed parts of the new law is the ban on affiliate marketing. ‘Affiliate marketing will be banned,’ Koivula confirms. But according to him, its impact is underestimated.
‘Those pushing the ban do not fully understand the consequences. There is a risk that traditional media will be flooded with advertising. Just when we want to guide players towards safe providers.’
Market already attracting companies
Despite the stricter rules, many companies are showing interest in the Finnish market. Expectations for the number of applications have been revised to between 40 and 50.
Tech companies such as Finnplay are already concluding collaborations with operators preparing to open the market. There will be more focus on mobile users, real-time payments and tools for responsible gaming.
Finland can become a model for other countries
Finland is at a crossroads. ‘At the Finnish Gaming Conference last year, a large delegation from Iceland was present,’ says Koivula. ‘They are clearly watching. Finland can become an example – but what kind of example, we have yet to see.’
Success depends on the choices made now. ‘I fear it may already be too late to avoid mistakes like in Sweden or the UK,’ says Koivula. ‘What we need now is political courage. And time is running out.’